Probable move higher near term

In light of preliminary readings from CME Group for natural gas futures markets, traders scaled back their open interest positions by around 1.3K contracts on Thursday, reversing at the same time three consecutive daily pullbacks. In the same line, volume shrank for the second day in a row, now by 2.7K contracts.

Natural Gas remains capped by $4.00

Prices of natural gas attempted a move near the $4.00 mark on Thursday, although ended the day with modest losses. This negative price action was amidst shrinking open interest and volume and is indicative that a deeper pullback appears not favoured for the time being. In the meantime, the $4.00 mark per MMBtu keep capping the upside so far.

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