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Natural Gas Futures: Further weakness in store
Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the third session in a row on Wednesday, now by around 20.8K contracts. In the same direction, volume added around 27.4k contracts to the previous daily build.
Natural Gas risks a drop to $2.40
Prices of natural gas have been closing with losses since Monday, shedding around 8% during the same period. Wednesday’s downtick came on the back of rising open interest and volume and is indicative that further losses appear on the cards in the very near term. That said, further downside could prompt the commodity to visit the transitory 100-day SMA around the $2.40 region per MMBtu.
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