Natural Gas Futures: Scope for extra losses near term

In light of advanced prints from CME Group for natural gas futures markets, open interest rose for the second session in a row on Thursday, now by around 12.2K contracts. On the flip side, volume added to the previous daily drop and shrank by around 64.7K contracts.

Natural Gas faces the next support around $2.50

Natural gas prices dropped for the second consecutive session on Thursday. The daily decline was on the back of increasing open interest, which suggests that further retracement appears in the pipeline with the next support emerging at the monthly low around the $2.50 level per MMBtu (September 7).