Natural Gas Futures: A deeper drop looks likely
Considering advanced prints from CME Group for natural gas futures markets, open interest reversed three daily pullbacks in a row and went up by around 3.2K contracts on Friday. Volume, instead, dropped by around 22.7K contracts after two consecutive daily builds.
Natural Gas: Next on the downside comes the 200-day SMA
Prices of the natural gas extended the leg lower at the end of last week in tandem with rising open interest. That said, extra losses remain well on the table and could now challenge the 200-day SMA at $6.45 per MMBtu in the near term.