Natural Gas Futures: Further upside not favoured
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Considering advanced prints from CME Group for natural gas futures markets, open interest shrank by around 11.9K contracts after two consecutive daily pullbacks on Monday. In the same line, volume set aside the previous daily build and dropped by nearly 18K contracts.
Prices of the natural gas started the new trading week in a positive fashion. However, the daily uptick was amidst shrinking open interest and volume and this is indicative that the continuation of the rebound appears not favoured in the very near term. On the downside, there is still solid contention around the $2.00 region per MMBtu.
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