Natural Gas Futures: A probable correction looks likely

Open interest in natural gas futures markets shrank for the second straight session on Thursday, this time by nearly 21K contracts according to preliminary readings from CME Group. On the other hand, volume rose for the fourth day in a row, now by almost 58K contracts.

Natural Gas: No changes to the consolidation theme

Prices of the natural gas clinched the fourth consecutive session with gains on Thursday. The uptick, however, was in tandem with diminishing open interest and unveils the likelihood of a potential corrective move in the very near term. Looking at the broader scenario, the commodity remains well stuck within the consolidative range in place since late March.