Natural Gas Futures: Rising odds for a correction lower

CME Group’s advanced prints for natural gas futures markets noted open interest shrunk for the third session in a row on Thursday, this time by nearl7 6.4K contracts. In the same direction, volume decreased by almost 30K contracts, partially eroding the previous sharp build.

Natural Gas seen struggling near $2.80/MMBtu

The recovery in Natural Gas prices appears well and sound so far this week. Despite the move up, both open interest and volume grinded lower, leaving the door open to a short-term correction. If the upside impetus accelerates, prices are expected to meet strong barrier at the 2020 highs near the $2.80 mark per MMBtu.