In light of preliminary figures for natural gas futures markets from CME Group, open interest shrunk for the third consecutive session on Friday, this time by almost 9K contracts. In the same direction, volume dropped for the third session in a row, now by nearly 24.7K contracts.
Natural Gas faces the next hurdle at $2.90
Prices of natural dropped for the fourth consecutive session and approached the $2.40 area on Friday. The move was accompanied by shrinking open interest and volume, hinting at the idea that a rebound could in the offing. That said, the so far YTD highs around $2.90 per MMBtu (January 12) emerge as the next resistance of note in the very near-term.
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