Natural Gas Futures: Near-Term Correction Likely

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 3.7K contracts. Volume, instead, went up for the second consecutive day, now by around 34.2K contracts.
 

Natural Gas remains supported around the $2.50 zone

Prices of natural gas maintained the optimism and climbed to multi-session highs past the $2.70 zone on Tuesday. The move, however, was on the back of shrinking open interest, which should remove some strength from the weekly rebound. In the meantime, the $2.50 region per MMBtu continues to hold the downside for the time being.


More By This Author:

EUR/USD Price Analysis: Above 1.1030 Comes The 2023 Peak
Natural Gas Futures: Probable Knee-Jerk Near Term
EUR/JPY Price Analysis: Further Losses Target The 154.00 Area

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 ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.