Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the third consecutive session on Friday, this time by around 14.6K contracts. In the same direction, volume dropped by around 205.6K contracts, partially reversing the previous daily build.
Natural Gas: Strong resistance remains near $2.70
Natural gas prices rose sharply during last week. Friday’s uptick, however, was in tandem with diminishing open interest and volume and is indicative that a near-term knee-jerk could be in the offing. In the meantime, the May highs around the $2.70 mark per MMBtu emerges as the immediate obstacle in case bulls push harder.
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