In light of flash prints from CME Group for Natural Gas futures markets, open interest rose for the second session in a row on Monday, this time by around 2.4K contracts. Volume followed suit and went up by nearly 27K contracts, reversing the previous daily pullback.
Natural Gas faces support near $2.40/MMBtu
Natural Gas remains on the defensive. Monday’s pullback was amidst rising open interest and volume, suggesting that the current weakness has still legs to go. On the downside, the next contention area emerges around the $2.40 level per MMBtu. This zone is reinforced by the proximity of the 200-day SMA near $2.42.