Open interest in natural gas futures shrank by around 8.7K contracts at the beginning of the week, extending the downtrend for the fourth session in a row according to preliminary readings from CME Group. In the same direction, volume dropped for the second consecutive day, now by around 34.2K contracts.

Natural Gas: Door open to further advance

Monday’s second daily pullback in prices of natural gas was on the back of diminishing open interest and volume, hinting at the probability that a near-term rebound could be in the offing. Against that, the next target for the commodity is expected at the June tops near the $2.90 mark per MMBtu (June 28).