Considering advanced figures from CME Group for natural gas futures markets, open interest dropped for the second session in a row on Thursday, this time by around 2.5K contracts. Volume, instead, went up sharply by nearly 364K contracts, offsetting the previous daily pullback.
Natural Gas: Next resistance emerges near $2.70
Prices of natural gas rose markedly on Thursday and clinched multi-day highs near the $2.60 zone. The pronounced uptick, however, was amidst shrinking open interest and volume and could prompt some corrective move in the very near term. In the meantime, the May high near $2.70 per MMBtu (May 19) emerges as the immediate target for bulls.
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