Open Interest and Volume Shrink Disallowing Uptick
Advanced prints for Natural Gas futures markets demonstrate that open interest diminished on Tuesday for the second day in a row. This time, it shrunk by around 4.1 thousand contracts. Volume followed suit and carried the downtrend over to a new session. On Tuesday, volume fell by 31.5 thousand contracts.
Analysts predict a strong resistance for Natural Gas prices around the $3.10 area.
There was an uptick in Natural Gas on Tuesday. Yet it came amid another decline in open interest and volume. This brings the thought that further gains are not forthcoming for the commodity in the near future. Meanwhile, Natural Gas meets substantial resistance in recent highs around $3.10 per MMBtu.