Natural Gas Futures: Rebound likely near term

Considering preliminary readings from CME Group for natural gas futures markets, open interest reversed three daily builds in a row and went down by around 1.2K contracts on Friday. In the same line, volume dropped for the third consecutive session, this time by around 26.5K contracts.

Natural Gas met support near $4.70

Friday’s decline in prices of natural gas met decent support around $4.70 per MMBtu. The move lower in prices of the commodity was accompanied by shrinking open interest and volume, allowing for a rebound in the very near term.