Natural Gas Futures: Extra decline not ruled out

Considering advanced prints from CME Group for natural gas futures markets, open interest increased for the second session in a row on Wednesday, this time by around 14.8K contracts. On the other hand, volume remained choppy and dropped by nearly 85K contracts.

Natural Gas seems supported around $2.50

Prices of natural gas retreated for the fourth session in a row on Wednesday, this time revisiting the $2.50 region amidst rising open interest, which is indicative that further gains appear on the cards in the very near term. In the meantime, the provisional 100-day SMA around $2.50 per MMBtu appears as a decent contention for the time being.