Natural Gas Futures: Probable bounce near-term

Open interest in Natural Gas futures markets shrunk for the third consecutive session on Thursday, this time by around 15.8K contracts considering advanced prints from CME Group. Volume followed suit and went down by around 20.3K contracts, the third pullback in a row.

Natural Gas meets support around $2.90

Natural Gas prices dropped for the third session in a row on Thursday. The pullback was in tandem with shrinking open interest and volume, leaving the prospects of further downside curtailed and opening the door for a near-term rebound instead. So far, the $2.90 mark per MMBtu managed to hold the downside.