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Natural Gas Futures: Scope for extra retracements
Open interest in natural gas futures markets increased once again on Friday, this time by around 15.6K contracts according to preliminary readings from CME Group. On the other hand, volume shrank for the second straight session, now by around 100.8K contracts.
Natural Gas looks supported around $3.00
Friday’s marginal decline in prices of natural gas came amidst inconclusive price action and rising open interest, which leaves room to further weakness in the very near term. In the meantime, the commodity appears so far underpinned by the key $3.00 mark per MMBtu.
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