Natural Gas Futures: Scope for a deeper decline
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Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the third session in a row on Thursday, this time by around 2.5K contracts. On the other hand, volume shrank for the second straight session, now by almost 25K contracts.
Prices for the natural gas extended the leg lower on Thursday on the back of increasing open interest, which leaves the door open to the continuation of the ongoing retracement in the very near term. Against that, the commodity should meet contention around the November lows in the $5.50/60 region per MMBtu.
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