Natural Gas Futures: Extra losses look unconvincing

Considering preliminary readings from CME Group for natural gas futures markets, traders trimmed their open interest positions by more than 2K contracts after two daily builds in a row on Tuesday. On the other hand, volume went up for the second consecutive day, now by around 7.7K contracts.

Natural Gas appears supported near $7.50

Prices of natural gas dropped markedly on Tuesday, although the move was on the back of declining open interest, hinting at the idea that a deeper retracement looks unlikely for the time being. So far, the $7.50 mark per MMBtu seems to hold the downside.