Natural Gas Futures: Further range bound appears likely

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the second straight session on Friday, this time by around 1.3K contracts. Volume, instead, rose for the second consecutive session, now by around 71.3K contracts.

Natural Gas remains underpinned by the $6.50 region

Friday’s downtick in prices of the natural gas was amidst diminishing open interest, which is supportive for a rebound in the very near term. That said, the commodity should stick to the current consolidative phase for the time being and with decent support around the $6.50 zone per MMBtu.