Natural Gas Futures: Extra consolidation looks likely
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CME Group’s flash data for natural gas futures markets noted traders added nearly 16K contracts to their open interest positions on Tuesday, extending the uptrend in place since March 27. On the other hand, volume went down by almost 53K contracts, reversing at the same time two daily builds in a row.
Price action around natural gas remained irresolute on Tuesday amidst rising open interest and shrinking volume. That said, there seems to be no changes to the ongoing consolidative mood for the time being, while the next support remains at the 2023 low at $1.967 per MMBtu (February 22).
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