Natural Gas Futures: Limited room for extra decline

Considering advanced prints from CME Group for natural gas futures markets, traders scaled back their open interest positions by around 7.3K contracts on Thursday. Volume reversed the previous build and shrank by around 45.7K contracts.

Natural Gas appears supported near $7.50

Prices of natural gas fully faded Wednesday’s intense advance on Thursday on the back of diminishing open interest and volume. Against that, the continuation of the leg lower appears unlikely in the very near term. In the meantime, the $7.50 mark per MMBtu remains a decent support for the time being.