Natural Gas Futures: Further decline looks limited

Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the second session in a row on Wednesday, this time by around 25.6K contracts. Volume, instead, went up for the third consecutive session, now by more than 271K contracts.

Natural Gas faces minor support around $7.85

Natural gas prices added to the weekly leg lower after being rejected from Wednesday’s new 2022 high past $9.50. The daily pullback, however, came amidst another drop in open interest, signalling that a deeper retracement looks not favoured in the very near term. The commodity faces an interim support at $7.83 (May 20 low).