Natural Gas Futures: Further decline not favoured
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Considering advanced prints from CME Group for natural gas futures markets, open interest reversed two daily builds in a row and shrank by around 6.8K contracts on Tuesday. Volume followed suit and dropped by around 56.5K contracts after two consecutive daily gains.
Tuesday’s strong retracement in prices of natural gas was amidst shrinking open interest and volume, leaving the prospects for further pullbacks somewhat diminished for the time being. Against that, the next hurdle of note remains at the area of recent highs around the $7.20 mark per MMBtu.
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