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Natural Gas Futures: Rebound appears overdue
Considering preliminary readings from CME Group for natural gas futures markets, open interest extended the downtrend on Thursday, this time by around 11.3K contracts. Volume, on the other hand, remained erratic and increased by around 145.3K contracts.
Natural Gas seems ready for a bounce
Prices of natural gas lost further ground on Thursday and dropped to 2-month lows in the vicinity of $6.20 mar per MMBtu. The commodity thus remains well on track to close its second consecutive week with losses. The downtick was amidst shrinking open interest and hinted at the idea that further decline looks out of favour for the time being. Reinforcing this, natural gas currently flirts with the oversold territory, as per the daily RSI.
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