Natural Gas Futures: Further retracement not ruled out

In light of preliminary prints from CME Group for natural gas futures markets, open interest shrank for the third consecutive session on Monday, this time by around 9.4K contracts. In the same line, volume add to the previous drop and went down by around 19.1K contracts.

Natural Gas looks supported below $5.00

Monday’s inconclusive price action in natural gas was in tandem with declining open interest and volume, opening the door to some consolidation around current levels in the very near term. Sellers, therefore, face decent contention in levels just below the $5.00 mark per MMBtu for the time being.