Natural Gas Futures: Further upside looks limited

CME Group’s advanced prints for Natural Gas futures markets showed open interest went down for the second consecutive session on Friday, now by around 16.4K contracts. In the same line, volume reversed the previous build and diminished by nearly 376.5K contracts.

Natural Gas: Extra decline not ruled out

Friday’s uptick in prices of Natural Gas was in tandem with diminishing open interest and volume, favouring the short covering and leaving the prospects of extra gains undermined in the very near-term. That said, there is still scope for a potential retracement to monthly lows near $2.52 per MMBtu (November 19).