Natural Gas Futures: Extra downside likely

Open interest in Natural Gas futures markets rose for the sixth session in a row on Thursday, this time by just 421 contracts in light of advanced figures from CME Group. On the other hand, volume decreased for the second session in a row, now by almost 29K contracts.

Natural Gas faces strong support around $2.80/MMBtu

Prices of the Natural Gas appear to have met a relevant resistance beyond the key $3.00 mark per MMBtu in past sessions. Thursday’s negative session amidst rising open interest is supportive of the continuation of the downtrend, with quite decent contention in the $2.80 area so far.