Natural Gas Futures: Scope for a near-term bounce
|Considering advanced figures from CME Group for natural gas futures markets, open interest went up for the second session in a row on Friday, now by around 4.7K contracts. In the same line, volume partially reversed the previous decline and rose by around 48.7K contracts.
Natural Gas faces an interim hurdle at the 55-day SMA
Friday’s uptick in prices of the natural gas was amidst increasing open interest and volume. That said, the continuation of the upward bias appears likely in the very near term and could face a temporary hurdle at the 55-day SMA, today at $2.387 per MMBtu.
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