Natural Gas Futures: Further consolidation on the cards

Traders added just 425 contracts to their open interest positions in Natural Gas futures markets on Wednesday, resuming the uptrend following Tuesday’s down tick in light of preliminary figures from CME Group. On the other hand, volume shrunk for the second straight session, now by just 556 contracts.

Natural Gas looks supported by the 55-day SMA so far

Prices of the Natural Gas failed to extend the move above the $2.80 level per MMBtu on Wednesday, receding soon afterwards and closing the session with marginal gains amidst a small raise in open interest. That said, further downside is not discarded in the very near-term, while the 55-day SMA around $2.65 emerges as the initial interim support.