CME Group’s flash data for natural gas futures markets noted traders trimmed their open interest positions for the third session in a row on Tuesday, this time by around 16.5K contracts. On the other hand, volume rose sharply by more than 184K contracts after four consecutive daily drops.
Natural Gas: Next resistance aligns around $3.00
Prices of natural gas extended the uptrend on Tuesday amidst shrinking open interest, which leaves the door open to a corrective move in the very near term. However, the pronounced increased in volume could allow for the continuation of the uptrend. On the latter, the $3.00 mark per MMBtu remains the key obstacle for bulls for the time being.
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