Considering advanced prints from CME Group for natural gas futures markets, open interest went down for the third session in a row on Friday, now by around 19.5K contracts. In the same line, volume reversed the previous daily build and dropped sharply by around 183.2K contracts.
Natural Gas: Next on the upside comes $2.90 ahead of $3.00
Friday’s downtick in prices of natural gas was on the back of diminishing open interest and volume and is indicative that extra pullbacks appear not favoured in the very near term. That said, initial up-barrier emerges at the June’s high near $2.90 (June 28) prior to the March tops past the $3.00 mark per MMBtu (March 23).
Source: https://www.fxstreet.com/news/natural-gas-futures-downward-pressure-appears-temporary-202307240724