Natural Gas Futures: Potential rebound on the cards

Traders scaled back their open interest positions in Natural Gas futures markets for the third consecutive session on Wednesday, this time by around 11.3K contracts considering advanced prints from CME Group. Volume followed suit and shrunk for the second session in a row, now by around 20.8K contracts.

Natural Gas faces the next hurdle at $2.90

Prices of Natural Gas corrected lower on Wednesday following recent tops in the $2.75 level. The downtick, however, was on the back of shrinking open interest and volume, allowing for the resumption of the uptrend in the very near-term. Against this, the commodity is expected to meet a strong hurdle at the March peaks around the $2.90 mark per MMBtu.