On Tuesday, open interest rose for a fifth straight day, this time by about 28.5k contracts, the largest single-day advance so far this year, on CME Group’s advanced numbers for the natural gas futures markets. Volume, meanwhile, remained choppy, rising nearly 110,000 contracts.
Natural Gas: another test of $2.00 is drawing near
Prices from natural gas extended the bearish start to the week into Tuesday’s session. The negative price action came alongside rising open interest and volume, suggesting that another retracement seems to be on the table in the near future. Conversely, immediate support is looming at the $2.00 per MMBtu level.
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