Natural Gas Futures: Door open to a deeper decline
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CME Group’s flash data for natural gas futures markets noted open interest dropped for the first time since December 27 on Tuesday, this time by around 5.2K contract. On the other hand, volume added to the previous daily build and went up by around 10.5K contracts.
The multi-week downtrend in prices of the natural gas remains unchanged so far. Tuesday’s small advance was on the back of shrinking open interest and curtails the likelihood of occasional bullish attempts. On this, a breach of the key $3.00 per MMBtu should expose a deeper retracement in prices of the commodity in the near term.
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