Natural Gas Futures: Potential rebound in the pipeline

Advanced readings from CME Group for Natural Gas futures markets noted open interest went up for the third session in a row on Friday, this time by around 8.5K contracts. On the other hand, volume reversed two straight daily builds and dropped by almost 220K contracts.

Natural Gas met support near the 200-day SMA

Prices of the Natural Gas bounced off multi-week lows around the 200-day SMA ($1.939/MMBtu) against the backdrop of rising open interest at the end of last week. That said, there is the chance for the rebound to extend further with the immediate target at the 55-day SMA around $2.13/MMBtu.