Natural Gas Futures: Further downside lacks conviction

Open interest in natural gas futures markets dropped for the second consecutive session at the beginning of the week, now by around 6.6K contracts as per advanced prints from CME Group. Volume, instead, rose by more than 53K contracts, partially reversing the previous drop.

Natural Gas retreats from YTD peaks

Prices of natural gas clinched fresh 2022 tops past $5.60 on Monday, just to give away part of that advance afterwards and end the session in the negative territory. The downtick, however, was amidst shrinking open interest, indicative that extra gains remain in store in the very near term.