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Natural Gas Futures: Look neutral/bearish near term
According to advanced prints from CME Group for natural gas futures markets, open interest increased for the third session in a row on Monday, this time by around 1.8K contracts. On the other hand, volume dropped by nearly 300K contracts after three daily builds in a row.
Natural gas prices seem capped by $5.00
Natural gas advanced beyond the $5.00 mark per MMBtu on Monday amidst an inconclusive price action, closing the session with marginal gains around $4.88. The move was in tandem with rising open interest, which is indicative that further consolidation might be favoured, although the sharp drop in volume, however, could spark some corrective move in the very near term.
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