Natural Gas Futures: A sustained drop looks unlikely

Considering advanced prints from CME Group for natural gas futures markets, open interest dropped by around 3.6K contracts after four consecutive daily builds on Friday. In the same line, volume reversed two daily builds in a row and went down by around 97.4K contracts.

Natural Gas faces a tough barrier at the 200-day SMA

Friday’s downtick in prices of natural gas was amidst declining open interest and volume, hinting at the idea that a short-term rebound lies ahead. That said, the commodity faces immediate up barrier at the 200-day SMA, today at $6.664 per MMBtu.