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Natural Gas Futures: Door open to extra declines near term
Considering advanced prints from CME Group for natural gas futures markets, open interest extended its multi-day uptrend and increased by almost 10K contracts on Friday. In the same direction, volume rose for the second session in a row, now by around 28.1K contracts.
Natural Gas: Initial Contention emerges around $2.80
Natural Gas prices extended their downtrend on Friday, almost fully fading the rally seen in the first couple of weeks of October. The daily pullback came on the back of rising open interest and volume, which allows for the continuation of the bearish move for the time being. That said, there is an immediate contention zone around $2.80 region per MMBtu.
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