Natural Gas Futures: Extra Pullbacks Appear Shallow

CME Group’s advanced prints for Natural Gas futures markets saw open interest shrinking by around 6.3K contracts at the beginning of the week after two builds in a row. In addition, volume extended the erratic performance and went down by around 288.3K contracts.

Natural Gas met resistance around $2.40/MMBtu
Prices of Natural Gas corrected lower after recording fresh peaks near the $2.40 level per MMBtu at the beginning of the week. That said, a deeper pullback looks unlikely against the backdrop of diminishing open interest and volume. The near-term target remains at the 2020 tops around $2.50/MMBtu.