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Natural Gas Futures: Rally could lose traction near term
Considering advanced prints from CME Group for natural gas futures markets, open interest extended the downtrend in place since June 14 on Tuesday, this time dropping by around 30.5K contracts, the largest single-day drop so far this year. In the opposite direction, volume went up by around 71.2K contracts, reversing the previous daily pullback.
Natural Gas: Strong resistance emerges around $3.00
Prices of natural gas retreated modestly on Tuesday amidst the strong recovery in place since mid-June. The downtick was accompanied by a sharp drop in open interest, which suggests that a corrective move lies ahead in the very near term. On the upside, the March top just above the $3.00 mark per MMBtu continues to oppose decent resistance.
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