Natural Gas Futures: Room for further rangebound

CME Group’s advanced prints for Natural Gas futures markets noted traders trimmed their open interest positions for the fifth consecutive session on Friday, this time by around 3.7K contracts. Volume followed suit and shrunk markedly by around 213.2K contracts, the largest single day drop since March 1.

Natural Gas looks neutral/bullish very near-term

Prices of Natural Gas edged lower at the end of last week, easing a tad from previous peaks near $2.80 per MMBtu. However, the move was in tandem with shrinking open interest and volume, leaving the idea of further decline somewhat diminished for the time being.