Natural Gas Futures: Further rebound seems unlikely

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the second straight session on Tuesday, now by around 15.5K contracts. Volume, instead, added around 228.2K contracts to the previous daily build.

Natural Gas faces initial hurdle around $2.90

Tuesday’s strong bounce in prices of natural gas was accompanied by diminishing open interest, which hints at the idea that a sustained move higher seems not probable in the very near term. In the meantime, the $2.90 region per MMBtu emerges as an initial barrier prior to the more relevant $3.00 zone.