Natural Gas Futures: Extra gains appear unlikely
Considering advanced figures for natural gas futures, open interest shrank by around 1.2K contracts on Friday, partially reversing the previous day’s uptick. Volume followed suit and dropped by nearly 43.5K contracts following two consecutive daily advances.
Natural Gas could retest the $3.50 zone
Prices of natural gas rebounded from the vicinity of the $3.50 region on Friday. The daily uptick, however, was on the back of shrinking open interest and volume, showing the presence of short covering behind the positive price action. Against this, extra upside could run out of steam and expose another test of the $3.50 zone per MMBtu.
Reprinted from FXStreet_id，the copyright all reserved by the original author.
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.