Open interest in natural gas futures markets rose Monday for a third consecutive day, now by about 1.5k contracts, according to advanced data from CME Group. Instead, volume shrank for the fourth straight day, this time by around 48.2k contracts.
Natural gas remains supported at $4.40
Price drop on Monday from natural gas came alongside rising open interest, suggesting another drop could be in the pipeline in the near future. However, the modest drop in volume may slow the pace of the downtrend. However, natural gas prices remain well contained by the 200-day SMA near the $4.40 per MMBtu region.
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