Natural Gas Futures: Room for further weakness near term
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Open interest in natural gas futures markets resumed the uptrend and went up by around 1.2K contracts on Thursday according to preliminary readings from CME Group. On the other hand, volume dropped for the second session in a row, this time by nearly 40K contracts.
Prices of natural gas added to Tuesday’s losses and broke below the $6.00 mark on Wednesday. The strong drop was accompanied by increasing open interest and put the likelihood of further losses back on the radar in the near term. Against that, the commodity could extend the decline further and revisit the October low at $4.75 per MMBtu in the short term.
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