31 Oct 2022
Natural Gas Futures: Further downside not ruled out
CME Group’s flash data for natural gas futures markets noted open interest rose for the 4th straight session on Friday, this time by around 2.7K contracts. On the other hand, volume went down for the third session in a row, now by around 82.6K contracts.
Natural Gas keeps targeting the 200-day SMA
Friday’s negative price action in prices of the natural gas was accompanied by rising open interest. While this is supportive of further losses, the strong drop in volume could also prop up a bullish attempt in the very near term with the next target at the 200-day SMA near $6.74 per MMBtu.
