In light of preliminary readings for Natural Gas futures markets, traders scaled back their open interest positions for the fifth consecutive session on Tuesday, now by around 1.8K contracts. On the other hand, volume rose for the second straight session, this time by around 38.4K contracts.
Natural Gas faces strong hurdle around $2.70
Tuesday’s strong gains in Natural Gas were in tandem with diminishing open interest, removing strength from the move and exposing a corrective downside in the short-term horizon. That said, occasional bullish attempts could struggle around the strong hurdle at the $2.70 mark per MMBtu.