Natural Gas Futures: Upside seen capped

CME Group’s flash prints for Natural Gas futures markets noted open interest decreased by just 603 contracts, reaching the fifth consecutive daily pullback. On the other hand, volume rose by around 54.7K contracts, respectively, on Thursday.

Natural Gas still looks consolidative

Prices of Natural Gas attempted a move higher on Thursday. However, the bull run was accompanied by shrinking open interest, removing some impetus from the move. While extra rangebound looks the most likely scenario in the very near-term, the key 200-day SMA around $2.47 per MMBtu still holds the downside.