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Natural Gas Futures: Potential rebound near term
Considering advanced figures from CME Group for natural gas futures markets, open interest shrank for the fifth consecutive session on Friday, now by around 8.3K contracts. On the other hand, volume extended the choppy activity and went up by around 111.3K contracts.
Natural Gas remains capped by the 200-day SMA
Friday’s inconclusive session in prices of natural gas was amidst shrinking open interest and an equally erratic trend in volume. That said, further losses appear not favoured in the very near term, allowing for some consolidation or an attempt of recovery in the next sessions. On the upside, the 200-day SMA at $4.22 per MMBtu emerges as the next hurdle of note for bulls.
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