Natural Gas Futures: Downside could take a breather
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Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the sixth consecutive session on Tuesday, this time by around 6.3K contracts. In the same direction, volume increased for the second straight day, now by around 44.7K contracts.
Prices of the natural gas managed to halt the multi-week steep decline somewhat after advancing marginally on Tuesday. The small rebound was in tandem with increasing open interest and volume and should be indicative that further bounce like ahead. So far, the $2.50 region per MMBtu seems to have emerged as quite a firm and initial contention zone.
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