Natural Gas Futures: Further retracement likely

CME Group’s flash data for natural gas futures markets noted open interest went up by just 738 contracts on Wednesday following four consecutive daily drops. On the other hand, volume rose by around 140.2K contracts, resuming the previous downtrend.

Natural Gas looks supported near $4.70

Natural gas prices charted an inconclusive session on Wednesday amidst a small uptick in open interest. That said, some consolidation is not ruled out in the very near term with decent support around the $4.70 region (Fibo level of the August-September rally).