Natural Gas Futures: Potential for extra decline

In light of advanced prints for natural gas futures markets, open interest rose by nearly 6K contracts on Friday after three small pullbacks in a row. On the other hand, volume extended the erratic performance and went down by around 145.7K contracts.

Natural gas still capped by $3.80

Prices of natural gas failed to extend the recovery on Friday and closed the session in the negative territory. The move was on the back of increasing open interest, allowing for further retracements in the very near term. That said, the $3.50 area emerges as a decent support, while occasional bullish attempts should meet quite a solid hurdle in the $3.80 mark per MMBtu for the time being.