Natural Gas Futures: Decline looks contained

According to preliminary readings from CME Group for natural gas futures markets, open interest shrank by nearly 3K contracts on Wednesday, partially fading the previous build. In the same direction, volume reversed four consecutive daily builds and went down by around 41.2K contracts.

Natural Gas appears supported near $7.50

Prices of natural gas extended the weekly leg lower on Wednesday. The move was accompanied by shrinking open interest and volume and hints at the possibility of a near term rebound. In the meantime, the $7.50 region per MMBtu so far emerges as a decent contention.