Natural Gas Futures: Correction lower stays in the pipeline

According to preliminary figures for Natural Gas futures markets from CME Group, open interest and volume went up by around 8.2K contracts and by around 34.2K contracts, respectively, on Wednesday.

Natural Gas remains supported by $2.50

Prices of Natural Gas extended the leg lower for another session on Wednesday amidst rising open interest and volume. Against that, the continuation of the downtrend looks likely in the very near-term with decent contention emerging at the 200-day SMA near the $2.50 per MMBtu.