Natural Gas Futures: Scope for further gains
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Open interest in natural gas futures markets resumed the downtrend and dropped by around 6.8K contracts on Thursday according to preliminary readings from CME Group. Volume followed suit and shrank by around 91.3K contracts, keeping the erratic performance well in place.
Prices of natural gas retreated marginally amidst diminishing open interest and volume on Thursday. So far, further consolidation appears likely around the $2.80 region in the very near term. The breakout of this theme faces the next hurdle at a Fibo retracement around $3.20 per MMBtu.
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