Natural Gas Futures: Look neutral/bearish near-term
|According to advanced prints for Natural Gas futures markets from CME Group, open interest dropped for the third session in a row at the end of last week, now by around 4.3K contracts. In the same direction, volume reversed the previous build and shrunk by around 43.7K contracts.
Natural Gas flirts with the 200-day SMA
Friday’s inconclusive price action in Natural Gas was accompanied by shrinking open interest and volume, leaving extra gains unlikely while the $2.40 mark per MMBtu keeps holding the downside. Prices of the commodity, in the meantime, continues to navigate along the key 200-day SMA, today at $2.52.
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