In light of advanced prints from CME Group for Natural Gas futures markets, open interest went down for the fourth consecutive session at the beginning of the week, this time by around 4.2K contracts. Volume, instead, extended the choppy performance and rose by around 46.7K contract.
NATURAL GAS LOOKS SUPPORTED BY THE 200-DAY SMA
Prices of Natural Gas remain side-lined around the key 200-day SMA in the $2.52 level. Monday’s bullish attempt to the $2.60 region was on the back of shrinking open interest, removing strength from the move and favour further consolidation or even a leg lower.