According to flash data from CME Group, open interest in natural gas futures markets shrank for the third straight session on Thursday, this time by nearly 7K contracts. Volume followed suit and went down for the second consecutive session, now by more than 71.4K contracts.

Natural Gas: Prices could bounce back above $6.00

Thursday’s strong drop in prices of natural gas was against the backdrop of shrinking open interest and volume. That said, the likelihood of a sustainable decline from here appears not favoured, while a rebound to the area above the $6.00 mark per MMBtu stays in the pipeline in the very near term instead.