Natural Gas Futures: Door open to a deeper pullback

Pablo Piovano FXStreet

According to advanced readings from CME Group for natural gas futures markets, traders added around 26.4K contracts to their open interest positions, reaching the fourth consecutive build on Thursday. On the flip side, volume extended the choppy performance and went down by nearly 9.3K contracts.

Natural Gas could retreat to the $2.73/MMBtu area

Natural Gas once again tested the area beyond the ley $3.00 mark per MMBtu on Thursday, although failed (once again) to close the session above it. Rising open interest now favours further decline in the very near-term, with the next contention zone emerging in the so far monthly lows around $2.73/71.

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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