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Natural Gas Futures: Rebound in the offing
Considering advanced prints from CME Group for natural gas futures markets, open interest resumed the decline and shrank by around 17.7K contracts on Monday. On the other hand, volume reversed two daily pullbacks in a row and rose by around 107.6K contracts.
Natural Gas: Recovery could revisit the $3.300 zone
Monday’s drop in prices of natural gas to multi-week lows near the $2.700 region was amidst the largest daily retracement in open interest since late October. That said, the commodity could now attempt a bounce with the immediate target at the weekly high of $3.275 per MMBtu (November 15) in the very near term.
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