Natural Gas Futures: Correction in the offing?
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Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the third session in a row on Tuesday, now by around 2.3K contracts. In the same direction, volume resumed the downtrend and dropped by nearly 55K contracts.
The pronounced rebound in prices of the natural gas seems to have met some tough resistance near the $2.80 mark per MMBtu so far. Tuesday’s small gains were accompanied by shrinking open interest and volume, which hints at some consolidation in the short term ahead of a probable resumption of the downward bias.
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