Open interest in natural gas futures markets dropped by around 2.3K contracts for the first time since April 26 on Monday according to preliminary readings from CME Group. Volume, on the other hand, went up for the second session in a row, this time by nearly 21K contracts.

Natural Gas looks well supported around $2.00

The auspicious start of the week of natural gas prices came amidst shrinking open interest and increasing volume, which is suggestive that the current multi-week consolidative theme has still further legs to go. In the meantime, solid contention remains around the $2.00 mark per MMBtu.