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Natural Gas Futures: Correction in the offing?
Considering preliminary readings from CME Group for natural gas futures markets, open interest extended the downtrend for yet another session on Tuesday, now by nearly 2K contracts. In the same line, volume remained choppy and went down by more than 70K contracts.
Natural Gas remains supported near $6.00
Prices of natural gas added to the ongoing rebound on Tuesday. Furthermore, the daily upside was in tandem with diminishing open interest and volume, exposing a probable corrective move in the short-term horizon. That said, the commodity appears well supported by the $6.00 mark per MMBtu for the time being.
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