Natural Gas Futures: Scope for further retracement near term

Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the third session in a row on Friday, now by around 3.3K contracts. On the other hand, volume set aside four consecutive daily advances and went down by around 27.6K contracts.

Natural Gas: Decent support is seen around $2.50

Friday’s d third consecutive daily pullback in prices of natural gas came in tandem with rising open interest and suggests that further losses could be in store for the commodity in the very near term. In the meantime, there is still a decent contention in the $2.50 region per MMBtu.