Natural Gas Futures: Correction lower overdue?

Open interest in Natural Gas futures markets extended the downtrend for yet another session on Thursday, now by around 1.7K contracts as per advanced prints from CME Group. Volume, instead, reversed the previous drop and increased by around 178.6K contracts.

Natural Gas: Next on the upside emerges $3.72/MMBtu

Prices of Natural Gas continue its march north unabated, leaving behind the key $3.00 mark per MMBtu and advancing to new 2020 highs past $3.30. Thursday’s uptick was against the backdrop of persistent declining open interest, exposing the idea that a correction lower still remains on the cards. However, if the upside impetus picks up extra pace, the next target of relevance emerges at the 2019 top around $3.72 per MMBtu.