- June 18, 2020
- Posted by: Analysis Team
- Category: Forex News
CME Group’s flash data for Natural Gas futures markets noted open interest rose for the third consecutive session on Wednesday, now by nearly 8K contracts. Volume, on the same line, decreased by almost 28.3K contracts, adding to the previous build.
Natural Gas Prices: Support emerged near $1.67/MMBtu
Natural Gas prices bounced off multi-week lows near $1.67 on Wednesday amidst rising open interest. That said, the continuation of the rebound could extend further in the short-term horizon.
On the broader scenario, YTD lows in the sub-$1.60 region emerge as the next relevant contention in case sellers return to the market. On the other hand, any serious recovery is expected to meet interim hurdle at the 100-day SMA at $1.85 and the 55-day SMA at $1.88, all ahead of monthly tops in the $1.90 neighbourhood.