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3 May 2023
Natural Gas Futures: Further losses favoured in the short term
In light of advanced prints from CME Group for natural gas futures markets, open interest rose for the fifth day in a row on Tuesday, this time by around 28.5K contracts, the largest single day advance so far this year. Volume, in the meantime, remained choppy and increased by nearly 110K contracts.
Natural Gas: Another test of $2.00 looms closer
Prices of the natural gas extended the bearish start of the week into Tuesday’s session. The negative price action was in tandem with rising open interest and volume and suggests that further retracement seems on the table in the very near term. Against that, the immediate support emerges at the $2.00 mark per MMBtu.
