Natural Gas Futures: Scope for a near-term bounce

In light of advanced prints for Natural Gas futures markets from CME Group, open interest and volume increased by around 9.1K contracts and by around 105.3K contracts, respectively, on Thursday.

Natural Gas looks supported around $2.40/MMBtu

Prices of Natural Gas dropped and rebounded from the $2.40 region on Thursday against the backdrop of increasing open interest and volume. That said, there is now room for a potential rebound in the very near-term. Interim hurdle emerges at the 10-day SMA around $2.58 per MMBtu.