Natural Gas Futures: Further decline looks likely

Open interest in Natural Gas futures markets rose for the second session in a row on Thursday, this time by around 15.5K contracts in light of advanced prints from CME Group. On the opposite direction, volume resumed the downtrend and shrunk by around 9.5K contracts.

Natural Gas faces support near $2.80

Thursday’s downtick in prices of natural gas was on the back of rising open interest, which is indicative that the leg lower still has legs to go. That said, the next contention area emerges in the vicinity of monthly lows near the $2.80 mark per MMBtu.