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Natural Gas Futures: Further consolidation on the table
According to flash data from CME Group for natural gas futures markets, open interest resumed the downtrend and shrank by nearly 1.8K contracts at the beginning of the week. On the flip side, volume went up by around 101.3K contracts, reversing the previous daily drop.
Natural Gas poised to challenge $4.70
Monday’s moderate pullback in prices of natural gas was amidst shrinking open interest, which warns against the likelihood of deeper drops in the very near term at least. In the meantime, the $4.70 mark per MMBtu still emerges as quite a decent contention area.
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