Natural Gas Futures: Extra gains not likely near term

Considering advanced figures from CME Group for natural gas futures markets, open interest dropped for the second straight session at the beginning of the week, this time by around 3.5K contracts. In the same line, volume extended the decline and went down by more than 67K contracts.

Natural Gas still looks supported by $4.70

Natural gas prices started the week on a positive note, closing Monday’s session once again above the $5.00 mark per MMBtu. However, the positive price action in the commodity was on the back of shrinking open interest and volume, removing strength from the continuation of the rebound, at least in the very near term.