Natural Gas Futures: Scope for further retracement
|Open interest in natural gas futures markets rose for the third straight session on Monday, now by around 1.5K contracts according to advanced prints from CME Group. Volume, instead, shrank for the fourth consecutive day, this time by around 48.2K contracts.
Natural Gas remains supported by $4.40
Monday’s pullback in prices of natural gas was in tandem with rising open interest, indicative that further decline could be in the pipeline in the very near term. However, the moderate drop in volume could slow the pace of the downtrend. That said, natural gas prices still remain well contained by the 200-day SMA near the $4.40 region per MMBtu.
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