Natural Gas Futures: Rebound could be losing momentum

Open interest in natural gas futures markets dropped for the fifth session in a row on Wednesday, this time by around 3.2K contracts according to advanced prints from CME Group. Volume followed suit and added to the previous build and went down sharply by around 161.2K contracts.

Natural Gas could retest $6.50

Prices of natural gas advanced further on Wednesday, although the move was in tandem with shrinking open interest and volume, indicative that further strength could be fizzling out in the very near term. On the downside, the next support of note comes at the May at around the $6.50 level per MMBtu.