Natural Gas Futures: Outlook appears unclear near term
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Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the third session in a row on Friday, now by nearly 8K contracts. Volume, instead, shrank for the third straight session, this time by around 67.9K contracts.
Natural Gas: Upside looks capped around $3.60
Friday’s inconclusive price action in natural gas prices was on the back of rising open interest and shrinking volume, exposing some consolidation in the very near term amidst the persisting erratic performance. On the upside, in the meantime, the October peaks past $3.60 per MMBtu seems to be quite a decent resistance zone for the time being.
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