Natural Gas Futures: Lack of direction looks likely near term

Open interest in natural gas futures markets extended the downtrend for yet another session on Wednesday, now by around 9.3K contracts. In the same direction, volume remained choppy and dropped markedly by nearly 134K contracts.

Natural Gas looks supported around $6.50

Prices of natural gas charted another inconclusive session on Wednesday against the backdrop of diminishing open interest and volume, which is supportive of further range bound trading in the very near term. On the downside, the commodity appears underpinned by the $6.50 mark per MMBtu.