Natural Gas Futures: A deeper decline seems unlikely

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the fourth session in a row on Tuesday, now by nearly 10K contracts. On the other hand, volume kept the erratic performance well in place and went up by almost 31K contracts.

Natural Gas: Gains remain limited around $2.70

Tuesday’s marked retracement in prices of natural gas was on the back of diminishing open interest and rising volume, exposing further range bound theme for the time being. In the meantime, sporadic bullish attempts are expected to keep facing decent resistance in the $2.70 region per MMBtu.