Natural Gas: Rebound in the offing?
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Open interest in natural gas futures markets extended the downwards bias and dropped by nearly 16K contracts at the end of last week according to preliminary readings from CME Group. In the same line, volume went down for the second straight session, now by around 66.1K contracts.
Prices of the natural gas retreated modestly on Friday, adding to the bearish performance seen in the second half of the week. The daily drop was on the back of diminishing open interest and volume and opens the door to some recovery in the very near term. So far, the $2.00 zone per MMBtu continues to offer decent contention.
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