Natural Gas Futures: A corrective move appears in store
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CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions for the second session in a row on Tuesday, this time by around 14.1K contracts. In the same line, volume shrank for the second straight session, now by around 62.8K contracts.
Tuesday’s bullish move in natural gas prices faltered just ahead of the $2.50 level, eventually ending the session with marginal gains. The price action was in tandem with declining open interest and volume and leaves the door open to some near-term correction. So far, the $2.50 zone per MMBtu remains a key resistance area.
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