Natural Gas Futures: Further gains not favoured
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Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the second straight session on Tuesday, this time by around 2.8K contracts. In the same line, volume went down markedly by around 167.5K contracts, the largest single-day pullback since late January.
Prices of the natural gas rose for the third session in a row on Tuesday. This move was on the back of declining open interest and volume and exposes a corrective decline in the very near term, all framed within the broader multi-week consolidation theme. On the upside, the 55-day SMA around $2.38 per MMBtu emerges as the immediate hurdle for occasional bullish intentions.
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