In light of flash data from CME Group for Natural Gas futures markets, open interest shrunk by around 12.4K contracts on Tuesday, fading the previous build. Volume, instead, rose for the second session in a row, this time by around 80.6K contracts.
Natural Gas still targets $3.00/MMBtu
The rally in prices of Natural Gas clinched fresh tops beyond $2.88 per MMBtu on Tuesday. The move, however, was amidst declining open interest, which is supportive of some correction in the very short-term. The extreme overbought condition of prices adds to this view. That said, prices carry the potential to return to the $2.76 region, or late August lows.
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