Natural Gas Futures: Extra retracement on the cards

Open interest in natural gas futures markets reversed two consecutive daily pullbacks and went up by around 12.4K contracts on Tuesday, noted preliminary readings from CME Group. Volume extended the erratic performance and dropped by around 3.5K contracts.

Natural Gas: Near term top around $5.65

Natural gas prices extended the pessimism seen at the beginning of the week amidst rising open interest on Tuesday. Against that, the continuation of the leg lower appears on the cards in the very near term, while the commodity seems to have charted a near term top around $5.65 per MMBtu (March 28).