Natural Gas Futures: Probable correction near-term

CME Group’s preliminary prints for Natural Gas futures markets noted open interest shrunk by 2.5K contracts on Thursday following four consecutive daily gains. On the other hand, volume went up for the second straight session, this time by around 91.2K contracts.

Natural Gas met strong hurdle around $1,85/MMBtu

Thursday’s moderate advance in Natural Gas prices was on the back of shrinking open interest, which should be supportive of a near-term knee-jerk. That said, weekly highs in the $1,85 region (Thursday’s peak) have now become the initial resistance ahead of further gains.