Natural Gas Futures: Corrective move in the offing

CME Group’s flash data for natural gas futures markets noted traders reduced their open interest positions for the third consecutive session on Tuesday, now by around 3.4K contracts. Volume followed suit and dropped for the second session in a row, this time by around 25.2K contracts.

Natural Gas: Initial resistance emerges around $3.50

Prices of natural gas extended the rally for yet another session on Tuesday. The daily uptick, however, was accompanied by diminishing open interest and volume, unveiling the probability of some corrective move in the very near term. On the upside, initial hurdle appears around the $3.50 region per MMBtu.