Natural Gas Futures: Further decline appears in store near term
Considering advanced prints from CME Group for natural gas futures markets, open interest went up by nearly 3K contracts at the beginning of the week, extending the ongoing erratic activity. On the other hand, volume dropped for the second session in a row, this time by nearly 29K contracts.
Natural Gas remains stuck within $2.50-$2.90
Monday’s downtick in prices of natural gas came in tandem with increasing open interest, which indicates the likelihood of further retracements in the very near term. Looking at the broader picture, the commodity should maintain the $2.50-$290 range for the time being.