Natural Gas Futures: Near-term bounce on the cards

In light of advanced prints from CME Group for natural gas futures markets, open interest went down for the second straight session on Tuesday, now by around 11.8K contracts. On the other hand, volume rose for the second session in a row, this time by nearly 13K contracts.

Natural Gas looks supported near $4.50

Tuesday’s negative price action in natural gas was against the backdrop of declining open interest, which indicates that a deeper retracement appears contained for the time being, leaving room for a rebound in the short-term horizon. In the meantime, the $4.50 mark per MMBtu has emerged as quite a decent support for the time being.