Friday’s uptick in prices of natural gas was amidst diminishing open interest, which hints at the idea that further upside appears out of favor in the very near term.
Considering advanced figures from CME Group for natural gas futures markets, open interest shrank by around 5.1K contracts after two consecutive daily builds on Friday. Just the opposite, volume increased by around 44.4K contracts following two daily drops in a row.
Natural Gas faces an initial hurdle of around $3.00
Friday’s uptick in prices of natural gas was amidst diminishing open interest, which hints at the idea that further upside appears out of favor in the very near term. In the meantime, the $3.00 region per MMBtu (March tops) continues to offer tough resistance to occasional bullish moves in the commodity.
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