NATURAL GAS FUTURES: SCOPE FOR FURTHER DECLINE19 January 2023, 10:32
Considering advanced prints from CME Group for natural gas futures markets, open interest reversed the previous daily drop and resumed the uptrend after increasing by around 11.8K contracts on Wednesday. Volume, instead, left behind two daily builds in a row and went down by around 41.1K contracts.
Natural Gas remains en route to $3.00
Prices of natural gas dropped further on Wednesday and revisited levels last seen back in May 2021. The downtick was amidst increasing open interest, which leaves the prospects for extra losses well on the cards for the time being. That said, the $3.00 mark per MMBtu still emerges as the next support of note for the commodity.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.