Natural Gas Futures: Extra decline in store near term
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CME Group’s flash data for natural gas futures markets noted traders increased their open interest positions for the third consecutive session on Monday, now by around 10.6K contracts. On the other hand, volume went down for the third session in a row, now by around 37.3K contracts.
Prices of natural gas added to Friday’s losses at the beginning of the week. The negative price action was amidst increasing open interest and favours the continuation of the downtrend in the very near term. That said, the big magnet for bears remains at the $2.00 mark per MMBtu, or 2023 lows.
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