CME Group’s flash data for natural gas futures markets noted open interest dropped for the second session in a row on Friday, this time by just 303 contracts. Volume followed suit and remained choppy after retreating by around 210.7K contracts.

Natural Gas looks underpinned by the 200-day SMA

Natural gas prices charted an inconclusive session on Friday, navigating around the 200-day SMA near $5.60 following the sharp pullback recorded on June 30. Shrinking open interest and volume amidst the current lack of direction in the commodity could be the prologue to some consolidative phase around current levels.