Natural Gas Futures: Further decline loses traction
|Open interest in natural gas futures markets went down by around 8.7K contracts at the beginning of the week, reaching the second daily drop in a row considering advanced prints from CME Group. In the same line, volume resumed the recent downside and dropped by around 11.5K contracts.
Natural Gas looks supported around $4.70
Natural gas prices extended the corrective downside and broke below the $5.00 mark per MMBtu on Monday. The strong pullback came in tandem with diminishing open interest and volume, removing momentum from further downside and instead allowing for a rebound in the very near term. Prices of the commodity, in the meantime, remain supported by the $4.70 region per MMBtu.
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