Natural Gas Futures: Deeper pullback looks limited
|In light of advanced prints for natural gas futures markets from CME Group, open interest and volume shrunk by around 3.2K contracts and by around 40.5K contracts, respectively, on Wednesday.
Natural Gas faces support around $2.70/MMBtu
Prices of the MMBtu of natural gas briefly tested the $2.90 area on Wednesday, although they closed in the negative territory. This price action was accompanied by diminishing open interest and volume, leaving the prospects of further losses somewhat curtailed. Against this, recent lows around $2.70/MMBtu emerge as a decent contention area for the time being.
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