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Natural Gas Futures: Potential bounce on the cards
In light of advanced figures from CME Group for natural gas futures markets, open interest reversed two daily builds in a row on Friday and decreased by around 4.2K contracts. In the same line, volume dropped for the second consecutive day, this time by almost 40K contracts.
Natural Gas still faces resistance around the 200-day SMA
Prices of natural gas back-pedalled four sessions in a row with gains at the end of last week against the backdrop of diminishing open interest and volume. That said, the door now appears open to the continuation of the upside in the very near term and always with the target at the 200-day SMA, today around $6.87 per MMBtu.
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