Natural Gas Futures: Extra consolidation looks likely

In light of advanced prints from CME Group for natural gas futures markets, open interest rose for the fourth consecutive session on Monday, this time by around 1.5K contracts. On the other hand, volume remained choppy and went down by around 158.2K contracts.

Natural Gas: Upside appears capped near $2.50

Monday’s negative price action in natural gas was in tandem with rising open interest and declining volume, suggesting at the same time that further range bound remains well in store for the time being. In the meantime, occasional bullish attempts remain limited by the $2.50 region per MMBtu for the time being.