Natural Gas Futures: Deeper pullbacks appear unlikely

CME Group’s preliminary readings for Natural Gas futures markets noted open interest shrunk by almost 4.5K contracts on Tuesday, reaching the second drop in a row at the same time. Volume, in the same direction, went down for the second consecutive session, now by nearly 44.8K contracts.

Natural Gas clinched new 2020 highs

Prices of Natural Gas keep gyrating around the key barrier at $2.50 per MMBtu, easing a tad after recording fresh YTD peaks at the beginning of the week. Tuesday’s downtick was in tandem with diminishing open interest and volume, leaving the idea of a short-term deeper retracement somewhat flat.