Natural Gas Futures: Still scope for further weakness

Open interest in natural gas futures markets extended their uptrend for yet another session on Tuesday, this time by nearly 12K contracts according to preliminary readings from CME Group. Volume, instead, resumed the downside and dropped by almost 87K contracts.

Natural Gas could revisit $3.00

Prices of natural gas dropped further amidst rising open interest on Tuesday. That said, the commodity remains under pressure and carries the potential to extend the decline to the key $3.00 region per MMBtu in the short-term horizon.