Natural Gas Futures: Downside appears limited

According to preliminary prints for Natural Gas futures from CME Group, open interest shrunk for the third session in a row on Monday, now by around 2.9K contracts. In the same line, volume went down for the second straight session, this time by around 14.8K contracts.

Natural Gas met resistance near $1,90/MMBtu

Monday’s negative price action in Natural Gas prices was amidst diminishing open interest and volume, leaving the likeliness of a deeper pullback somewhat marginal in the short-term horizon. That said, another test of recent tops around $1,90 should not be ruled out.