Natural Gas Futures: Further gains not favoured

In light of advanced prints from CME Group for natural gas futures markets, open interest dropped for the fourth consecutive session on Wednesday, this time by around 3.8K contracts. In the same line, volume went down for the third straight day, this time by around 37.4K contracts.

Natural Gas: Downside remains supported near $4.70

Wednesday saw another uptick in prices of natural gas, although this was amidst diminishing open interest and volume. That said, the current recovery in prices of the commodity appears out of favour in the very near term, while the continuation of the downtrend is still expected to meet some contention around the $4.70 region per MMBtu.