Natural Gas Futures: Further losses look unlikely

In light of advanced prints for Natural Gas futures markets from CME Group, open interest went down for the second session in a row on Wednesday, this time by around 2K contracts. On the other hand, volume partially reversed the previous drop and rose by around 3.4K contracts.

Natural Gas looks supported near $2.45/MMBtu

Prices of Natural Gas remain side-lined in the lower end of the recent range. Wednesday’s pullback was amidst declining open interest, showing that further decline is out of favour for the time being. In this regard, the key 200-day SMA around $2.45 per MMBtu should offer decent contention.