Natural Gas Futures: Still room for further downside
|Open interest in natural gas futures markets extended the downtrend by around 13.5K contracts at the beginning of the week, noted advanced prints from CME Group. On the other hand, volume remained erratic and increased by around 43.5K contracts.
Natural Gas looks supported around $6.00
Monday’s decent gains in prices of natural gas was accompanied by the persistent decline in open interest, which keeps curtailing prospects of a sustainable rebound at least in the very near term. In the meantime, the commodity seems to have met a tough support around the $6.00 mark per MMBtu.
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