Natural Gas Futures: Further upside not favoured

Considering advanced prints for Natural Gas futures markets from CME Group, open interest shrunk for the second consecutive day on Tuesday, now by around 4.1K contracts. Volume, in the same line, extended the downtrend for yet another session, this time by around 31.5K contracts.

Natural Gas faces strong hurdle around the $3.10 region

Tuesday’s uptick in Natural Gas was amidst another drop in open interest and volume, leaving further gains unfavoured in the very near-term. In the meantime, the commodity faces strong resistance in recent tops around $3.10 per MMBtu.