Natural Gas Futures: A near-term bounce is not ruled out

Open interest in natural gas futures markets extended the uptrend on Monday, although this time rising by a marginal 231 contracts. On the other hand, volume decreased markedly by nearly 111K contracts after two consecutive daily builds.

Natural Gas looks supported near $2.80

Prices of natural gas started the week with a decent rebound after several sessions of losses. The uptick came on the back of a small increase in open interest, which should open the door to further recovery in the very near term. In the meantime, the $2.80 region per MMBtu continues to offer decent contention.