Monday’s second daily pullback in prices of natural gas was on the back of diminishing open interest and volume, hinting at the probability that a near-term rebound could be in the offing.
Open interest in natural gas futures shrank by around 8.7K contracts at the beginning of the week, extending the downtrend for the fourth session in a row according to preliminary readings from CME Group. In the same direction, volume dropped for the second consecutive day, now by around 34.2K contracts.
Natural Gas: Door open to further advance
Monday’s second daily pullback in prices of natural gas was on the back of diminishing open interest and volume, hinting at the probability that a near-term rebound could be in the offing. Against that, the next target for the commodity is expected at the June tops near the $2.90 mark per MMBtu (June 28).
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