Natural Gas Futures: Downside losing momentum?

Open interest positions in Natural Gas futures markets shrunk by just 566 contracts following three consecutive daily builds on Wednesday, according to preliminary readings from CME Group. Volume followed suit and went down by around 155.8K contracts, also reversing two builds in a row.

Natural Gas faces support around $3.00/MMBtu

Prices of Natural Gas extended its corrective downside on Wednesday amidst diminishing open interest and volume, leaving the prospects of a deeper pullback reduced in the very near-term. That said, the key $3.00 mark per MMBtu is now expected to offer decent contention.