As a result of advanced prints from CME Group, the open interest in natural gas futures markets decreased by more than 1.8K contracts on Friday, and it seems the market's choppiness will remain in place for the time being. The volume of the same line dropped by around 104.7K contracts for the second consecutive session in the same direction.
It's unclear whether the ongoing rebound in natural gas prices will last since open interest and volume are shrinking, suggesting that the trend may be short-lived. In the meantime, further upside is likely to run into a Fibo retracement near $3.20 per MMBtu, which is the next hurdle for further upside.
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