Natural Gas Futures: A sustained drop appears not favoured

Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the third session in a row on Friday, now by around 1.4K contracts. In the same direction, volume resumed the downtrend and shrank by nearly 90K contracts.

Natural Gas: Interim contention emerges around $2.650

Prices of natural gas yielded no clear direction on Friday against the backdrop of dwindling open interest and volume. That said, the commodity could face some near-term consolidation while appears supported by the provisional 55-day SMA around the $2.650 region per MMBtu.