Natural Gas Futures: Further retracement not ruled out

Open interest in natural gas futures markets went up by around 1.7K contracts for the first time since June 14 on Wednesday. Volume, instead, kept the erratic performance in place and dropped by more than 152K contracts.

Natural Gas: Consolidative range remains limited by $3.00

Prices of natural gas ended Wednesday’s session in the red territory despite hitting fresh multi-week highs near $2.90. The daily decline was accompanied by rising open interest and a marked retracement in volume, which allows for further gains although always within the prevailing range bound theme. On the upside, the commodity remains capped by the $3.00 region per MMBtu for the time being.