In light of preliminary readings from CME Group for gas futures markets, traders scaled back their open interest positions by around 10.1K contracts at the start of the week, reaching the fourth consecutive daily drop. Volume, instead, extended the choppy performance and went up by around 20.1K contracts.
Natural Gas looks supported near $3.15
Monday’s negative price action in gas was amidst declining open interest, which is indicative that a move lower appears not favoured within the very near term. That said, a probable recovery now emerges on the cards with the immediate target at the YTD peaks near $3.40 per MMBtu (June 15).