Natural Gas Futures: Further decline now looks limited

Open interest in natural gas futures markets reversed four consecutive daily advances and went down by just 975 contracts on Thursday according to preliminary readings from CME Group. On the other hand, volume rose by around 30.1K contracts, extending at the same time the erratic performance seen as of late.

Natural Gas keeps targeting $9.50

Prices of natural gas remained choppy so far this week. Thursday’s pullback was amidst a small downtick in open interest, leaving the perspective of further downside diminished for the time being. On the upside, traders continue to target the 2022 high around $9.50 mark per MMBtu.