Natural Gas Futures: Extra range bound in store

Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the second session in a row on Thursday, this time by around 4.6K contracts. In the opposite direction, volume went down for the second consecutive session, now by around 53.7K contracts.

Natural Gas remains propped up by the 200-day SMA

Natural gas prices traded on the defensive on Thursday amidst a volatile session and against the backdrop of rising open interest. That said, further consolidation still appears on the card, while the downside looks supported by the 200-day SMA near $6.50 per MMBtu.