Natural Gas Futures: Further downside looks contained
|Traders scaled back their open interest positions once again on Friday, this time by around 3.8K contracts in light of flash data from CME Group. In the same line, volume went down by around 261.1K contracts, the largest single-day drop since February 3rd.
Natural Gas now looks to $3.30/MMBtu
Friday’s inconclusive session in natural gas prices was accompanied by shrinking open interest and volume, opening the door to further consolidation in the very near-term. The resumption of the upside momentum targets the area of recent peaks around $3.30 per MMBtu.
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