Traders reduced their open interest positions by around 4.4K contracts on Friday, reversing the previous build, all in light of advanced data from CME Group. In the same line, volume went down by around 118.6K contracts after two consecutive builds.
NATURAL GAS: INITIAL SUPPORT LINES UP AT $2.76/MMBTU
The rally in prices of Natural Gas recorded fresh 2020 highs beyond $2.83 last Friday. The move, however, was on the back of diminishing open interest and volume, opening the door to a potential move to last week’s lows in the $2.76 region.