Natural Gas Futures: Further decline on the cards

CME Group’s advanced prints for natural gas futures markets showed open interest rose for the second session in a row on Wednesday, now by around 1.6K contracts. On the other hand, volume partially reversed the previous build and dropped by around 100.7K contracts.

Natural Gas now faces the next support near $4.20

Prices of natural gas continued to correct lower on Wednesday. That, coupled with diminishing open interest leaves the scenario ripe for further pullbacks. Against this, the next support of note comes at the $4.20 region per MMBtu, where the later July/early August peaks are located.