Natural Gas Futures: Corrective downside loses traction
Open interest in natural gas futures markets shrank for the third session in a row on Tuesday, this time by around 22.3K contracts considering preliminary readings from CME Group. Volume, in the meantime, increased by around 118.6K contracts following two daily drops in a row.
Natural Gas appears contained around $7.00
Prices of natural gas extended the leg lower on Tuesday amidst diminishing open interest, which is supportive of a near-term rebound. That said, the $7.00 mark per MMBtu now emerges as quite a decent contention zone for the time being.
