Natural Gas Futures: Still scope for further gains
|Considering preliminary readings from CME Group for natural gas futures markets, open interest rose by just 28 contracts on Friday, reaching the second daily build in a row. On the other hand, volume went down for the third straight session, now by around 8.4K contracts.
Natural Gas remains supported by $4.40
Friday’s uptick in prices of natural gas was amidst a small gain in open interest, allowing for the potential continuation of the trend in the very near term. In the meantime, the 200-day SMA around the $4.40 region per MMBtu continues to hold the downside for the time being.
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