Natural Gas Futures: Scope for a move lower

Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the second session in a row on Friday, now by around 3.3K contracts. On the other hand, volume dropped sharply by around 187.4K contracts following two daily builds in a row.

Natural Gas faces decent support near $7.50

Friday’s small downtick in prices of natural gas was accompanied by rising open interest, which could allow for the continuation of the corrective downside in the very near term. A deeper drop, however, is expected to meet decent contention around the $7.50 per MMBtu.