Natural Gas Futures: A deeper decline is not favoured
|Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the second straight session on Thursday, now by around 1.7K contracts. In the same line, volume dropped for the third consecutive day, this time by around 12.6K contracts.
Natural Gas: Solid support remains around $2.50
Prices of the natural gas added to Wednesday’s retracement on Thursday. The bearish move was against the backdrop of diminishing open interest and volume and suggests a low probability of further decline in the very near term. So far, the commodity faces a decent contention around the $2.50 region per MMBtu.
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