NATURAL GAS FUTURES: A DEEPER DECLINE LOOKS FAVOURED
Considering advanced prints from CME Group for natural gas futures markets, open interest rose by around 22.3K contracts after three consecutive daily drops on Tuesday. In the same direction, volume remained choppy and rose by around 90.5K contracts following the previous daily drop.
Natural Gas: Next contention emerges near $2.40
Natural gas prices extended the weekly leg lower on Tuesday. The daily pullback was in tandem with increasing open interest and volume and seems to favour further retracements in the very near term. That said, there is an interim contention around the 100-day SMA near $2.50 ahead of the August low near the $2.40 mark per MMBtu
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