Natural Gas Futures: Corrective downside loses traction

Pablo Piovano FXStreet

Open interest in natural gas futures markets shrank for the third session in a row on Tuesday, this time by around 22.3K contracts considering preliminary readings from CME Group. Volume, in the meantime, increased by around 118.6K contracts following two daily drops in a row.

Natural Gas appears contained around $7.00

Prices of natural gas extended the leg lower on Tuesday amidst diminishing open interest, which is supportive of a near-term rebound. That said, the $7.00 mark per MMBtu now emerges as quite a decent contention zone for the time being.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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