CME Group’s flash data for natural gas futures markets noted traders increased their open interest positions for the second session in a row on Tuesday, this time by around 1.6K contracts. in the same direction, volume added to Monday’s uptick and rose by around 56.7K contracts.

Natural Gas risks another test of the 2023 low

Prices of natural gas remained on the defensive in the first half of the week. Tuesday’s decline came on the back of rising open interest and volume, which suggests that further retracements remain well on the table in the very near term. Against that, the next support of note aligns at the 2023 low near $1.97 per MMBtu (February 22).