Natural Gas Futures: Selling pressure could be losing momentum

Open interest in natural gas futures extended the downtrend on Tuesday and went down by around 3.6K contracts considering advanced prints from CME Group. Volume, instead, remained choppy and increased by more than 92K contracts.

Natural Gas faces initial support near $6.35

Prices of natural gas remained under pressure on Tuesday amidst diminishing open interest. That said, the continuation of the leg lower could be running out of steam and faces the next contention at the 100-day SMA around $6.36 per MMBtu.