Natural Gas Futures: Corrective move appears over

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank by around 1.2K contracts on Thursday following four consecutive daily builds. Volume followed suit and went down by around 50.9K contracts, adding to Thursday’s daily drop.

Natural Gas appears supported near $8.00

Prices of natural gas extended the weekly leg lower on Thursday amidst shrinking open interest and volume. Against that, further downside appears not favoured in the very near term and the commodity could resume the uptrend with the next target at the key $10.00 mark per MMBtu.