Natural Gas Futures: A deeper drop seems unlikely

According to advanced prints from CME Group for natural gas futures markets, open interest reversed two consecutive daily builds and dropped by nearly 10K contracts, while volume added to the previous daily pullback and went down markedly by around 154.4K contracts.

Natural Gas: Initial support emerges around $2.90

Prices of natural gas extended the bearish move on Monday. The negative price action was in tandem with diminishing open interest and volume and opens the door to a probable near-term rebound. So far, there is initial contention just below the $3.000 mark per MMBtu for the time being.