Natural Gas Futures: Near-term rebound could be in the limelight

According to advanced prints from CME Group for natural gas futures markets, open interest extended the upside for yet another session on Friday, this time by nearly 1.7K contracts. On the other hand, volume remained erratic and went down by around 56.2K contracts.

Natural Gas looks supported near $3.50

Natural gas prices resumed the downside on Friday, although they seem to have met some contention around the $3.50 region per MMBtu. The small decline was amidst rising open interest, which is indicative that a deeper pullback could lie ahead. The sharp bounce in volume, however, could spark some bouts of strength in the very near term as well.