Factoring in CME Group’s advanced numbers for the natural gas futures markets, open interest shrank about 5.1k contracts after two straight daily increases on Friday. On the contrary, volume rose by around 44.4k contracts after two consecutive daily declines.
Natural gas faces an initial hurdle of around $3.00
The price increase on Friday from natural gas was in the midst of waning open interest, suggesting that further upside potential appears to be falling out of favor in the near term. Meanwhile, the $3.00 per MMBtu area (highs in March) continues to offer strong resistance to occasional upsides in the commodity.
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