Natural Gas Futures: Further range bound looks likely
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In light of advanced prints from CME Group for natural gas futures markets, open interest shrank by nearly 2K contracts after two daily builds in a row at the end of last week. Volume, on the other hand, rose by around 322.5K contracts after three consecutive daily drops.
Friday’s moderate pullback in prices of natural gas was on the back of shrinking open interest and hints at the view that a deeper pullback seems not favoured in the very near term. The uptick in volume also points to some consolidative mood ahead. The 200-day SMA at $6.84 per MMBtu, in the meantime, continues to cap the upside for the time being.
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