Taking into account CME Group’s preliminary printing data for the natural gas futures markets, open interest continued its decline, shrinking by about 17.7K contracts on Monday. On the other hand, volume reversed two consecutive daily declines and increased by around 107.6k contracts.
Natural gas: The recovery could reach the $3,300 zone again
The price drop on Monday from natural gas The drop to multi-week lows near the $2,700 region came amid the largest daily drop in open interest since late October. However, the commodity could now attempt a rally, with the immediate near-term target being the weekly high of $3.275 per MMBtu (November 15).
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