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Natural Gas Futures: Corrective bounce in the offing?
Considering advanced figures from CME Group for natural gas futures markets, open interest shrank for the second session in a row on Monday, now by around 13.1K contracts. Volume, instead, resumed the uptrend and rose by around 81.2K contracts, partially fading the previous drop.
Natural Gas: A deeper retracement to $5.50 is possible
Monday’s decline in prices of natural gas was on the back of declining open interest, which is supportive of a very near-term rebound. However, the strong build in volume does not discard further downside for the time being. Against that, the commodity could slip back further and challenge the July lows near $5.50 per MMBtu (July 5).
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