Natural Gas Futures: Further losses in the pipeline

Considering advanced prints from CME Group for natural gas futures markets, open interest increased for the third consecutive session on Friday, this time by around 4.7K contracts. Volume, instead, dropped for the second session in a row, this time by nearly 70K contracts.

Natural Gas now looks to another test of $3.00

Prices of natural gas continued to correct lower on Friday following recent multi-month tops near $3.50 (October 9). The downtick was on the back of increasing open interest and suggests that extra decline could be in store for the commodity in the very near term. Against that, another visit to the key $3.00 mark per       MMBtu should not be ruled out for the time being.