Natural Gas Futures: Further Losses Favored In The Short Term

Editor • May 3, 2023 at 4:50 AM EDT

The negative price action was in tandem with rising open interest and volume and suggests that further retracement seems on the table in the very near term.

In light of advanced prints from CME Group for natural gas futures markets, open interest rose for the fifth day in a row on Tuesday, this time by around 28.5K contracts, the largest single-day advance so far this year. Volume, in the meantime, remained choppy and increased by nearly 110K contracts.

Natural Gas: Another test of $2.00 looms closer

Prices of natural gas extended the bearish start of the week into Tuesday’s session. The negative price action was in tandem with rising open interest and volume and suggests that further retracement seems on the table in the very near term. Against that, the immediate support emerges at the $2.00 mark per MMBtu.

More By This Author:

USD Index Comes Under Pressure And Challenges 102.00
USD Index Price Analysis: Downside Alleviated Above 103.15/20
Crude Oil Futures: Room For Further Upside Near Term

Disclosure:

Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Comments

Back to all articles

Natural Gas: Another test of $2.00 looms closer

More from this Author

Forex Today: Australian Inflation Takes Centre Stage Alongside Geopolitics

US Dollar Index Hovers Around 99.00, Looks At Geopolitics

Rising Inflation And Slowing Growth Put ECB And BoE In A Bind