Advanced prints from CME Group for natural gas futures markets saw open interest resume the uptrend and rise by around 4.5k contracts on Friday. Volume, instead, dropped for the third session in a row, this time by around 18.4K contracts.
Natural Gas: The 55-day SMA holds the downside
Friday’s decent gains in prices of natural gas was against the backdrop of rising open interest, which is indicative that extra rebound could be on the cards in the very near term. Further downside, in the meantime, is expected to meet contention around the 55-day SMA, today at $7.63 per MMBtu.