Considering advanced figures from CME Group for natural gas futures markets, open interest retreated for the second session in a row on Monday, this time by nearly 12K contracts. Same path followed volume, which added almost 112K contracts to the previous daily drop.
Natural Gas: Upside looks limited around $2.70
Prices of the natural gas started the new trading week with a marked pullback amidst shrinking open interest and volume. Against that, the likeliness of a sustained decline in the very near term appears unconvincing for the time being. On the flip side, bouts of strength should meet a tough barrier around the $2.70 region per MMBtu.
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