Natural Gas Futures: Downside is seen short-lived

In light of advanced prints from CME Group for Natural Gas futures markets, open interest resumed the downside on Tuesday, this time by around 3.8K contracts. Volume followed suit and retreated for the second straight session, now by almost 32K contracts.

Natural Gas still looks to $3.00/MMBtu

Tuesday’s negative performance in the commodity came in tandem with declining open interest and volume, supporting the view that a deeper pullback could struggle to find traction. That said, Natural Gas still targets the key $3.00 mark per MMBtu in case the bullish trend resumes.