Natural Gas Futures: Further downside still on the table
Considering advanced prints from CME Group for natural gas futures markets, open interest rose by just 98 contracts on Thursday, adding to the previous day’s build. Volume followed suit and increased sharply by around 295.3K contracts after two consecutive daily drops.
Natural Gas faces a probable technical rebound
Prices of natural gas plummeted more than 16% on Thursday, revisiting levels last seen back in mid-March around $5.30. The sharp decline was in tandem with increasing open interest and volume, leaving the prospects for further losses unchanged in the very near term despite the proximity of the oversold territory could spark a technical bounce.