Natural Gas Futures: A deeper pullback is not favoured

Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the second straight session on Tuesday, now by around 1.9K contracts. Volume, in the meantime, increased for the second consecutive day, this time by more than 98K contracts.

Natural Gas keeps looking to $10.00

Prices of natural gas briefly surpassed the key $10.00 mark per MMBtu on Tuesday, although the commodity ended the session with strong losses. The daily retracement was on the back of shrinking open interest, however, signalling that the continuation of the downtrend appears improbable in the very near term.