Natural Gas Futures: Further range bound on the cards
In light of advanced prints from CME Group for natural gas futures markets, open interest extended the downtrend and shrank by 880 contracts on Monday. On the other hand, volume reversed two consecutive daily drops and rose by around 42.3K contracts.
Natural Gas remains bolstered by $2.00
Prices of the natural gas rose modestly at the beginning of the week. The uptick, however, came in tandem with declining open interest and higher volume, which should leave the current multi-week consolidation range well in place for the time being. So far, the $2.00 region per MMBtu continues to hold the downside.