Source: FXStreet
Author: Pablo Piovano
Article: Original article
Publication date: Wednesday, December 7, 2022
Given CME Group's preliminary data on natural gas futures markets, open interest continued its uptrend on Tuesday, this time it increased by about 4.7K contracts. However, trading volume decreased by about 58.2K contracts after two consecutive days of growth in a row.
Natural gas prices declined for six straight days until Tuesday. The decline has been driven by rising open interest, which contributes to an additional pullback in the near term. Nevertheless, the $4.75 per MMBtu level is still the next target for the bears at the moment.
Forecast: NG will continue to decline
This content is for informational purposes only and is not intended to be investing advice.
