Traders scaled back their open interest positions for the first time on Tuesday after six consecutive daily builds, this time by almost 10.5K contracts in light of advanced figures from CME Group. Volume followed suit and rose by around 116.5K contracts following three consecutive daily advances.
Natural Gas still targets $2.80/MMBtu
Tuesday’s pullback in prices of Natural Gas was against the backdrop of diminishing open interest and volume, supporting the idea that further declines are expected to remain short-lived. That said, and on the upside, the next target of relevance emerges at the 2020 peak around $2.80 per MMBtu.
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