Natural Gas Futures: Probable consolidation near term

Considering preliminary readings from CME Group for natural gas futures markets, open interest went up for the second straight session on Friday, now by nearly 8K contracts. Volume, in the meantime, shrank for the fourth session in a row, this time by around 60.8K contracts.

Natural Gas appears limited by $8.00

Friday’s inconclusive price action in natural gas prices was in tandem with rising open interest, which is indicative that a potential consolidative phase could be in the offing in the very near term. On the upside, the next hurdle emerges at the $8.00 mark per MMBtu.