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Natural Gas Futures: Room for further retracement
Considering preliminary readings from CME Group for natural gas futures markets, open interest dropped for t eh fifth consecutive session on Thursday, now by around 3.2K contracts. In the same direction, volume went down for the second straight session, this time by more than 18K contracts.
Natural Gas risks extra losses
Thursday’s recovery in prices of the natural gas was against the backdrop of declining open interest and volume, leaving the prospects of extra gains diminished. That said, further correction in the commodity appears in store in the very near term and with a minor support around the $6.50 mark per MMBtu.
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