Natural Gas Futures: A deeper drop looks likely
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Considering advanced prints from CME Group for natural gas futures markets, open interest rose by around 8.5K contracts on Tuesday. In the same direction, volume extended the uptrend and went up markedly by around 118.5K contracts.
Prices of natural gas dropped markedly more than 7% on Tuesday on the back of rising open interest and volume. Against that, the continuation of the downtrend appears likely in the very near term, with the next target emerging at the August low around $7.50 per MMBtu.
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