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Natural Gas Futures: A corrective move appears in store
CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions for the second session in a row on Tuesday, this time by around 14.1K contracts. In the same line, volume shrank for the second straight session, now by around 62.8K contracts.
Natural Gas: Gains remain capped near $2.50
Tuesday’s bullish move in natural gas prices faltered just ahead of the $2.50 level, eventually ending the session with marginal gains. The price action was in tandem with declining open interest and volume and leaves the door open to some near-term correction. So far, the $2.50 zone per MMBtu remains a key resistance area.
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