Natural gas futures' open interest shrank by around 10.2K contracts after four daily builds in a row, on Thursday, according to data from CME Group. In the same vein, volume dropped by around 36.8K contracts, partially offsetting the previous build.
Natural Gas looks propped up by the 200-day SMA
Natural gas dropped markedly and almost fully faded Wednesday’s sharp advance, on Thursday. The move came against the backdrop of diminishing open interest and volume, somewhat curtailing the prospect of further weakness. That said, the 200-day SMA around the $4.05 level per MMBtu continues to offer decent contention for the time being.
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