Natural Gas Futures: Scope for further decline

Considering advanced prints from CME Group for natural gas futures markets, open interest reversed the previous daily drop and resumed the uptrend after increasing by around 11.8K contracts on Wednesday. Volume, instead, left behind two daily builds in a row and went down by around 41.1K contracts.

Natural Gas remains en route to $3.00

Prices of natural gas dropped further on Wednesday and revisited levels last seen back in May 2021. The downtick was amidst increasing open interest, which leaves the prospects for extra losses well on the cards for the time being. That said, the $3.00 mark per MMBtu still emerges as the next support of note for the commodity.