In light of flash prints for Natural Gas futures markets from CME Group, open interest rose by around 4.7K contracts on Thursday following three consecutive daily pullbacks. Volume, instead, shrunk for the third consecutive session, this time by around 33.8K contracts.
Natural Gas could test the 200-day SMA
Following recent tops near the $2.30 level per MMBtu on Thursday, Natural Gas prices sparked a correction lower which looks bolstered by rising open interest. Against this, it will not be surprising to see prices extending the leg lower to the 200-day SMA, today at $2.11.
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