In light of preliminary readings from CME Group for natural gas futures markets, open interest dropped by around 1.7K contracts and reversed two daily builds in a row on Friday. On the flip side, volume went up by nearly 70K contracts after two consecutive daily pullbacks.

Natural Gas faces solid support around $4.70

Natural gas prices receded further at the end of last week. The downtick was on the back of shrinking open interest, however, playing against a deeper move lower at least in the very near term. The commodity, in the meantime, is seen facing decent contention in the $4.70 region per MMBtu for the time being.