Natural Gas Futures: Extra losses seem out of favour

In light of preliminary readings from CME Group for natural gas futures markets, open interest dropped by around 1.7K contracts and reversed two daily builds in a row on Friday. On the flip side, volume went up by nearly 70K contracts after two consecutive daily pullbacks.

Natural Gas faces solid support around $4.70

Natural gas prices receded further at the end of last week. The downtick was on the back of shrinking open interest, however, playing against a deeper move lower at least in the very near term. The commodity, in the meantime, is seen facing decent contention in the $4.70 region per MMBtu for the time being.