Natural Gas Futures: Further consolidation likely

In light of advanced prints for Natural Gas futures markets from CME Group, open interest dropped by around 1.3K contracts for the first time after four consecutive daily builds. On the other hand, volume reversed two pullbacks in a row and increased by around 47.5K contracts.

Natural Gas faces extra rangebound

Prices of Natural Gas charted an inconclusive session on Thursday and extended the consolidative theme in the lower bound of the recent range, all amidst shrinking open interest. That said, the side-lined formation is expected to prevail in the very near-term, with strong support in the $2.60 area per MMBtu.