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Natural Gas Futures: Downtrend overdone?
Open interest in natural gas futures markets dropped for the third straight session on Wednesday, this time by around 25.6K contracts according to advanced prints from CME Group. On the other hand, volume remained choppy and went up by around 90.5K contracts.
Natural Gas looks supported around $4.00
Wednesday’s pullback in prices of natural gas broke below the 200-day SMA ($4.21) and met initial contention around the $4.00 mark per MMBtu. The daily retracement, however, was accompanied by shrinking open interest, which supports the view that a deeper drop remains out of favour for the time being.
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