FXStreet: natural gas futures incur extra losses

07 December 2022 141
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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

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