Natural Gas Futures: Extra advances look likely

CME Group flash data for natural gas futures markets noted traders reduced their open interest positions by around 3.2K contracts on Wednesday, leaving behind the previous daily build. In the same line, volume resumed the downtrend and dropped by around 50.7K contracts.

Natural Gas appears supported around $2.50

Prices of natural gas retreated modestly on Wednesday. This daily pullback was amidst shrinking open interest and volume and leaves the door open to the continuation of the rebound in the very near term. In the meantime, prices of the commodity appear so far supported by the July low around the $2.50 zone per MMBtu.