Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the second consecutive session on Monday, this time by around 17.6K contracts. In the same direction, volume dropped by nearly 150K contracts after five straight daily builds.
Natural Gas: Initial resistance emerges around $3.50
Natural gas prices advanced to new nine-month peaks near the $3.50 region per MMBtu on Monday. This move was on the back of diminishing open interest and volume and exposes a potential corrective move in the very near term, with the immediate contention area around the $3.00 neighbourhood.
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