Natural Gas Futures: Further losses in the pipeline
|In light of advanced prints from CME Group for natural gas futures markets, open interest went up for the second straight session on Friday, now by around 2.8K contracts. On the opposite side, volume shrank for the third consecutive day, now by around 82.4K contracts.
Natural Gas looks supported by the 100-day SMA
Prices of natural gas dropped to three-day lows at the end of last week. The move was against the backdrop of increasing open interest and suggest that further decline could be in store for the commodity in the short-term horizon. That said, the 100-day SMA around $2.52 per MMBtu emerges as a temporary contention area for the time being.
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