Natural Gas Futures: Scope for further decline

Advanced figures for natural gas futures markets from CME Group noted open interest went up by almost 10K contracts on Wednesday. On the opposite side, volume dropped for the third straight session, this time by around 27.3K contracts.

Natural Gas looks supported around $2.60/MMBtu

Prices of Natural Gas tested and rebounded from the $2.60 level per MMBtu on Wednesday amidst rising open interest, favouring the idea that extra pullbacks should not be ruled out for the time being. That said, the $2.60 level emerges as the next interim support in the very near-term.