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Natural Gas Futures: Rebound seems unconvincing
Preliminary readings from CME Group for natural gas futures markets showed open interest shrank by around 3.4K contracts for the first time since October 25 on Wednesday. In the same direction, volume reversed two daily builds in a row and dropped by around 74.4K contracts.
Natural Gas remains capped by the 200-day SMA
Wednesday’s strong gains in prices of the natural gas were in tandem with diminishing open interest and volume, indicating that the continuation of the rebound looks not favoured in the very near term. Against that, the 200-day SMA, today around $6.75 per MMBtu, continues to limit occasional bullish attempts.
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