Natural Gas Futures: Downside appears shallow
|Traders reduced their open interest positions by around 6.1K contracts on Friday and extended the downtrend prevailing since October 15th, all in light of FX Strategists at UOB Group. Volume followed suit and went down for the second session in a row, this time by around 15.3K contracts.
Natural Gas: A move back to $3.00 stays on the table
Prices of Natural Gas extended the rejection from Thursday’s 2020 highs on Friday against declining open interest and volume. That said, while further retracements are not ruled out in the very near-term, a move to the $3.00 mark per MMBtu remains well in the pipeline for the time being.
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