In light of the CME Group’s advanced data for the natural gas futures markets, open interest fell for the second consecutive day on Tuesday, this time by about 2.8k contracts. Along the same line, volume fell significantly by around 167.5k contracts, the largest single-day pullback since late January.
Natural gas remains capped by the 55-day SMA
Prices from natural gas rose for the third straight day on Tuesday. This move was driven by declining open interest and volume and shows a corrective pullback in the very short term, all framed within the broader multi-week consolidation theme. On the upside, the 55-day SMA of around $2.38 per MMBtu is proving to be an immediate hurdle for occasional bullish intentions.
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