Natural Gas Futures: Further consolidation looks probable

In light of preliminary readings from CME Group for natural gas futures markets, open interest rose by just 717 contracts on Thursday, partially reversing the previous drop. On the flip side, volume reversed two daily builds in a row and dropped by around 80.5K contracts.

Natural Gas remains supported around $4.70

Natural gas prices charted an inconclusive session on Thursday amidst the continuation of the erratic performance in open interest. Against this, extra range bound seems likely in the very near term at least and always with firm contention around the $4.70 mark per MMBtu.