Natural Gas Futures: Rebound seems likely near term

Considering advanced prints from CME Group for natural gas futures markets, open interest resumed the downside and shrank by around 4.4K contracts on Wednesday. On the flip side, volume increased for the second session in row, this time by around 10.2K contracts.

Natural Gas remains supported near $4.70

Wednesday’s moderate drop in prices of the natural gas once again met contention around the $4.70 mark per MMBtu. The move was in tandem with shrinking open interest, which could now allow for a near term rebound to, initially, the weekly top around $5.40 (November 16).