Natural Gas Futures: Further downside could be losing traction

Traders scaled back their open interest positions for yet another session on Wednesday, now by around 1.3K contracts according to flash readings from CME Group. In the same line, volume went down for the second session in a row, now by around 25.6K contracts.

Natural Gas meets initial support near $2.70/MMBtu

Prices of natural gas remain on the defensive, although the prospect for a deeper pullback appears to be running out of steam amidst shrinking open interest and volume. That said, there is an interim contention area around the $2.70 mark per MMBtu, where sits the 55-day SMA.