CME Group’s advanced figures for Natural Gas futures markets noted open interest and volume went down by around 4.5K contracts and by around 57.3K contracts, respectively, on Tuesday, extending the downtrend seen in the last sessions.
Natural Gas remains underpinned by the 200-day SMA
Natural Gas prices seem to have moved into a consolidation phase with the lower bound clearly determined by the 200-day SMA around $2.11 and gains so far limited near the $2.30 mark per MMBtu. Tuesday’s inconclusive price action amidst shrinking open interest and volume leaves the door open for extra consolidation in the very near-term at least.
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