Natural Gas Futures: Rebound could be losing traction

In light of advanced prints from CME Group for natural gas futures markets, open interest shrank by around 2.5K contracts after two consecutive daily builds on Monday. On the other hand, volume went up by around 46.3K contracts following three daily drops in a row.

Natural Gas: Longer-term target remains at $3.00

Prices of natural gas started the week on a strong foot, setting aside Friday’s pullback. Monday’s uptick was amidst shrinking open interest and this removes strength from a potential sustained recovery in the very near term. So far, the $3.00 mark per MMBtu remains a key hurdle for the time being.