Natural Gas Futures: Further rebound likely near term

Open interest in natural gas futures markets dropped for the second session in a row on Friday, this time by just 224 contracts considering advanced prints from CME Group. In the same line, volume remained choppy and went down by nearly 30K contracts, partially trimming the previous daily build.

Natural Gas faces a minor hurdle at $6.83

Prices of natural gas edged lower at the end of last week against the backdrop of shrinking open interest and volume. That said, further decline appears not favoured in the very near term and could motivate the commodity to retest the weekly high at $6.83 per MMBtu (June 29).