Natural Gas Futures: Extra losses in the pipeline

Considering advanced prints from CME Group for natural gas futures markets, open interest extended the uptrend on Tuesday, this time by around 4.7K contracts. On the other hand, volume shrank by around 58.2K contracts following two daily builds in a row.

Natural Gas: Next on the downside comes $4.75

Natural gas prices dropped for the fifth session in a row on Tuesday. The daily decline this time was on the back of rising open interest, which is supportive of extra retracement in the very near term. That said, the October low at $4.75 per MMBtu still emerges as the next target for bears for the time being.