According to preliminary readings for Natural Gas futures markets from CME Group, open interest shrunk for the second session in a row on Friday, this time by around 9.2K contracts. In the same line, volume reversed tw straight builds and went down by around 109.5K contracts.
Natural Gas faces the next hurdle at $1,95/MMBtu
Natural Gas prices ticked higher amidst diminishing open interest and volume on Friday, hinting at the idea that extra gains could falter in the near-term and some correction might be lying ahead. That said, July’s peaks around $1,95 per MMBtu emerge as the next resistance area ahead of the key $2,00 mark, where also coincide the 200-day SMA.