Natural Gas Futures: Rebound seems likely near term
|Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the second consecutive session on Thursday, now by around 10.6K contracts. Volume, instead, set aside two daily drops in a row and increased by nearly 35K contracts.
Natural Gas remains capped by $3.00
Natural gas prices rose to multi-day highs on Thursday before fading that move and end the session with marked losses. The move was amidst diminishing open interest and ruled out a deeper retracement in the very near term. That said, the commodity could attempt a bounce in the very near term, although the $3.00 region per MMBtu continues to act as a strong resistance for the time being.
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