The CME Group advanced prints for natural gas futures markets showed that open interest rose by around 1.2K contracts for the second consecutive session on Friday. Conversely, volume decreased by more than 36K contracts for the second day in a row.
There was a significant retracement in natural gas prices last week as a result of increasing open interest in the market. The retracement was supported by the fact that there is an increased possibility of a deeper pullback in the future. On this matter, the commodity faces the next contention of note at the $3.00 mark per MMBtu mark, an area that was last traded in late May 2021.
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