Traders scaled back their open interest positions in natural gas futures markets for the fourth straight session on Tuesday, now by around 10.6K contracts in light of advanced prints from CME Group. In the same direction, volume resumed the downside and shrunk by nearly 27.5K contracts.
Natural Gas: Support emerges around $2.70/MMBtu
Natural gas prices extended the decline on Tuesday, although the move was in tandem with diminishing open interest and volume. While a rebound look likely in the very near-term, the commodity could re-test early February lows in the $2.70 per MMBtu.
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