Natural Gas Has Strong Support, Continuation Of The Downward Trend Is Unlikely
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Considering preliminary readings from CME Group for natural gas futures markets, open interest dropped for the second session in a row on Friday, this time by around 8.7K contracts. In the same line, volume went down for the second consecutive session, now by around 34.7K contracts.
Natural Gas faces solid support near $7.50
Friday’s strong decline in natural gas prices was amidst dwindling open interest and volume, hinting at the likelihood that the continuation of the downtrend appears unlikely at least in the very near term. The commodity, in the meantime, remains well supported by the $7.50 region per MMBtu.
