In light of flash readings for Natural Gas futures markets from CME Group, open interest resumed the upside and rose by around 13.1K contracts at the end of last week. On the other hand, volume shrunk by almost 2.3K contracts, partially fading the previous build.
Natural Gas now looks to $2.40/MMBtu
Natural Gas extended the leg lower and closed around $2.60 per MMBtu on Friday amidst rising open interest. Against that, further decline now appears likely with the next support of relevance at the 200-day SMA around $2.45 followed by the yearly lows near $2.40/MMBtu (January 22).
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