Prices of natural gas extended the recovery on Monday. The daily uptick, however, was amidst shrinking open interest, which leaves the door open to some corrective move in the very near term.
Considering advanced prints from CME Group for natural gas futures markets, open interest shrank by nearly 3K contracts after four daily builds in a row on Monday. On the flip side, volume increased by around 24.7K contracts amidst the ongoing erratic performance.
Natural Gas looks supported by the 100-day SMA so far
Prices of natural gas extended the recovery on Monday. The daily uptick, however, was amidst shrinking open interest, which leaves the door open to some corrective move in the very near term. That said, the provisional 100-day SMA near the $2.50 mark per MMBtu initially emerges as a decent contention area for the time being.
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