Natural Gas Futures: Door Open To Further Weakness

Editor • Oct 20, 2023 at 6:15 AM EDT

Prices of natural gas retreated for the seventh consecutive session on Thursday, shedding ground uninterruptedly since monthly highs near $3.50.

Considering advanced prints from CME Group for natural gas futures markets, open interest extended its uptrend for yet another session on Thursday, now by around 11.4K contracts. In the same line, volume reversed two consecutive daily drops and went up by around 79.2K contracts.

Natural Gas meets initial support at around $3.00

Prices of natural gas retreated for the seventh consecutive session on Thursday, shedding ground uninterruptedly since monthly highs near $3.50 (October 9). The move was in tandem with rising open interest and volume and favors the continuation of this corrective move for the time being. The loss of the key $3.00 mark per MMBtu should open the door to extra losses.

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