Natural Gas Futures: Upside bias could be running out of steam

Considering advanced figures from CME Group for natural gas futures markets, open interest shrank for the second session in a row on Monday, now by just 709 contracts. Alternatively, volume remained erratic and went up by around 16.8K contracts.

Natural Gas: Immediately to the upside comes $7.60

Monday’s uptick in prices of natural gas was accompanied by a small drop in open interest, which could hint at the view that the uptrend could start losing momentum in the very near term. The continuation of the recovery, in the meantime, is expected to remain focused on the November peak at $7.60 per MMBtu (November 23).