Natural Gas Futures: Further downside loses traction

Pablo Piovano FXStreet

In light of advanced prints from CME Group for natural gas futures markets, open interest extended the decline for yet another session on Tuesday, this time by just 630 contracts. On the other hand, volume kept the erratic performance and increased by around 44.7K contracts.

Natural Gas appears supported near $2.50

Tuesday’s decline in prices of natural gas was in tandem with shrinking open interest, which removes strength from prospects for further decline in the very near term at least. So far, the $2.50 region per MMBtu keeps holding the downside 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.

EUR/USD revisits 1.1780, or daily lows

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to reach daily troughs on Thursday. The pair’s decline comes in response to a sudden bout of USD strength amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.