Natural Gas Futures: Potential rebound on the table
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CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions for the third session in a row on Tuesday, now by around 1.4K contracts. In the same line, volume shrank for the third consecutive session, this time by around 90.6K contracts.
Tuesday’s decline in prices of the natural gas came amidst declining open interest and volume and removes strength from the likelihood of further weakness in the very near term at least. That said, there is a temporary contention area around the 55-day SMA near the $2.28 mark per MMBtu.
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