In light of flash data from CME Group for natural gas futures markets, open interest resumed the downside and dropped by nearly 1K contracts on Friday. On the other hand, volume increased for the second session in a row, this time by around 79.4K contracts.
Natural Gas meets support around $2.70/MMBtu
The pronounced leg lower in prices of natural gas met contention in the $2.70 area per MMBtu on Friday. The retracement was on the back of shrinking open interest and opens the door to some corrective upside in the very near-term. Against this, there is a minor hurdle at the 20-day SMA just above the $2.90 mark.
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