Natural gas prices dropped to multi-week lows on Friday. The daily retracement was accompanied by rising open interest and is indicative that a deeper decline emerges on the horizon in the very near term.
Open interest in natural gas futures markets increased for the second session in a row on Friday, this time by around 2.8K contracts according to preliminary readings from CME Group. Volume, instead, shrank for the second straight session, now by around 3.4K contracts.
Natural Gas: Another move to $2.00 seems in store
Natural gas prices dropped to multi-week lows on Friday. The daily retracement was accompanied by rising open interest and is indicative that a deeper decline emerges on the horizon in the very near term. That said, another visit to the $2.00 neighborhood sooner rather than later remains on the cards.
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