Natural Gas Futures: Near-term correction in the pipeline?

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Considering advanced prints from CME Group for natural gas futures markets, open interest remained choppy on Tuesday and shrank by around 3.2K contracts, while volume went down by nearly 5K contracts, partially reversing the previous daily build.

Prices of the natural gas extended the rebound on Tuesday against the backdrop of declining open interest and volume, which supports the view of a corrective move in the very near term. In the meantime, natural gas flirts with the key resistance area around $7.20/30 and a breakout of this region should open the door to further advances in the next sessions.

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