Natural Gas Futures: Rebound Appears Limited

In light of advanced readings from CME Group for Natural Gas futures markets, open interest and volume shrunk by around 12.3K contracts and by around 136.4K contracts, respectively, on Tuesday.

Natural Gas stay supported by the 200-day SMA

Tuesday’s positive price action in natural gas was on the back of shrinking open interest and volume, removing strength from the bullish attempt and leave the door open for further downside in the very near-term. Against this, the key 200-day SMA now emerges as the next support of note in the $2.45 level per MMBtu.

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