According to preliminary figures for natural gas futures markets from CME Group, open interest rose by 5.6K contracts following five consecutive daily pullbacks. In the same direction, volume rose by around 4.5K contract after two pullbacks in a row.
Natural Gas could slip back to $2.40/MMBtu
The corrective downside in natural gas remains unabated. Thursday’s downtick coupled with rising open interest and volume exposes further downside. Against this, the next support of note now emerges around the $2.40 per MMBtu.
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