Natural Gas Futures: Downside momentum mitigated?

Considering advanced prints from CME Group, open interest in crude oil futures markets reversed three consecutive daily builds and went down by almost 12K contracts on Tuesday. On the other hand, volume increased by around 84.3K contracts after two daily drops in a row.

Natural Gas appears supported around $3.80

Tuesday’s negative price action in natural gas was in tandem with shrinking open interest, hinting at the view that further pullbacks are not favoured in the current context. That said, the commodity still faces solid decent support in the $3.80 area per MMBtu for the time being.