Natural Gas Futures: A deeper retracement is not ruled out

Open interest in natural gas futures markets shrank for the second session in a row on Thursday, this time by around 3.3K contracts according to preliminary results from CME Group. Volume, too, went down for the second straight day, now by around 16.5K contracts.

Natural Gas: Decent contention remains around $7.50

Prices of natural gas reversed part of the recent weakness on Thursday. The small advance, however, was accompanied by declining open interest and volume and is indicative that further gains look not favoured for the time being. On the downside, the commodity remains underpinned by the $7.50 mark per MMBtu.