Natural Gas Futures: Rebound could extend further

CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions by around7.5K contracts on Tuesday, while volume rose for the second session in a row, now by around 31.6K contracts.

Natural Gas: Upside now targets the 55-day SMA around $7.50

Prices of natural gas retreated moderately on Tuesday, although the move was against the backdrop of declining open interest. That said, a deeper correction appears not favoured for the time being, leaving the door open to the resumption of the uptrend in the short-term horizon. Next on the upside emerges the interim hurdle at the 55-day SMA at $7.52 per MMBtu.