Natural Gas Futures: Corrective drop in the offing
Posted At: 2023-06-27 17:52
Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for yet another session on Monday, this time by around 4.3K contracts. Volume followed suit and resumed the downtrend by dropping around 48.5K contracts.
Natural Gas: Next on the upside appears $3.00
Natural gas prices rose for the fourth session in a row on Monday. The uptick, however, was on the back of shrinking open interest and volume and opens the door to a probable corrective knee-jerk sooner rather than later. In the meantime, a more serious bullish move is expected to face a tough barrier around the March top just above the $3.00 mark per MMBtu.
