Natural Gas Futures: Neutral/Bullish near-term

Preliminary figures from CME Group for natural gas futures markets noted open interest went down by almost 1.4K contracts at the beginning of the week. Volume, instead, rose for the second session in a row, this time by nearly 72.1K contracts.

Natural Gas looks to re-visit $3.15

Prices of natural gas started the week on a negative note, although the drop in open interest remains indicative that further downside is not favoured in the very near-term. That said, while extra rangebound could be in place for the time being, a move to recent peaks around the $3.15 mark per MMBtu should not be ruled out.