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Natural Gas Futures: Further upside not favoured
Open interest in natural gas futures markets dropped for the third straight session on Tuesday, this time by around 6.5K contracts as per advanced figures from CME Group. In the same direction, volume shrank by around 41.7K contracts after two daily builds in a row.
Natural gas points to extra range bound
Tuesday’s uptick in prices of natural gas was in tandem with declining open interest and volume, opening the door to a corrective move in the very near term. That said, further consolidation appears probable while the $4.70 mark per MMBtu emerging as quite a firm support for the time being.
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