Open interest in natural gas futures markets extended the downtrend for the fourth consecutive session on Monday, this time by just 688 contracts. On the other hand, volume went up by around 38.9K contracts.
Natural Gas still targets $9.00
Monday’s sharp upside in prices of natural gas was amidst the continuation of the downside in open interest, hinting at the idea that the rebound could be running out of some steam. In the meantime, natural gas could still challenge the 2022 peak around the $9.00 mark per MMBtu (May 6) in the very near term.
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