Natural Gas Futures: No respite to the sell-off…so far

Pablo Piovano FXStreet

CME Group’s flash data for natural gas futures markets noted traders extended their uptrend in open interest and added around 25.7K contracts on Wednesday. In the same direction, volume rose for the third straight session, now by around 112.2K contracts.

Natural Gas: Next on the upside comes $2.00

Prices of the natural gas extended the steep multi-week decline for yet another session on Wednesday. The negative price action was accompanied by increasing open interest and volume, leaving the prospect for further decline well on the cards in the very near term. Of note, however, is that the current oversold condition of the commodity could spark a corrective bounce in the not-so-distant future. The next target of note for sellers emerges at the $2.00 mark per MMBtu, an area last traded back in late September 2020.

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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