Natural Gas Futures: Extra losses in store near term

Open interest in natural gas futures markets extended the uptrend on Wednesday, this time increasing by nearly 16K contracts according to preliminary readings from CME Group. In the same direction, volume rose for the third straight session, now by around 43.3K contracts.

Natural Gas: Next support emerges at $3.00

Prices of natural gas dropped further on Wednesday amidst increasing open interest and volume. That said, the continuation of the ongoing correction appears well on the cards in the very near term and with the immediate support at the key $3.00 mark per MMBtu.