Natural Gas Futures: A deeper decline is not favoured

Open interest in natural gas futures markets shrank for the fourth consecutive session on Tuesday, this time by around 9.2K contracts according to preliminary readings from CME Group. Volume went down by round 39.6K contracts after three daily builds in a row.

Natural Gas met support near $6.50

Tuesday’s drop and rebound from the $6.50 region in natural gas came amidst shrinking open interest and volume, exposing the continuation of the rebound in the very near term with the next target of note at the so far 2022 high around the $9.00 mark per MMBtu (May 6).