Natural Gas Futures: Door open to further downtrend

Open interest in natural gas futures markets rose for the second straight session on Thursday, this time by nearly 2K contracts according to preliminary readings from CME Group. Volume, on the flip side, remained choppy and dropped by around 3.3K contracts.

Natural Gas now targets the March low near $4.30

The downtrend in prices of the natural gas appears unabated. Indeed, Thursday’s daily decline was on the back of rising open interest, which is supportive of further retracements in the very near term and with the next target of note at the March low at $4.34 per MMBtu (March 1).