Natural Gas Futures: Further upside looks unconvincing

Considering preliminary readings from CME Group for natural gas futures markets, traders scaled back their open interest positions by around 21.8K contracts on Thursday, reaching the third daily pullback in a row. In the same line, volume shrank by around 28.8K contracts after two consecutive daily builds.

Natural Gas meets support around $8.00

Prices of natural gas dropped and rebounded from the $8.00 neighbourhood on Thursday, ending the session with decent gains. The move, however, was on the back of diminishing open interest and volume and suggests that extra upside lacks sustainability in the very near term at least.