Natural Gas Futures: Corrective downside appears likely
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Open interest in natural gas futures markets reversed the previous small build and dropped by more than 4K contracts on Monday according to advanced prints from CME Group. Volume, in the meantime, remained erratic and increased by around 72.5K contracts after Friday’s retracement.
Prices of natural gas recorded new 2022 highs just shy of the key $10.00 mark per MMBtu on Monday. The daily advance was accompanied by shrinking open interest, which opens the door to some corrective move in the very near term. Supporting the latter, the commodity already flirts with the overbought territory, as per the daily RSI near 70.
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