Natural Gas Futures: Potential for further retracement

Traders added just 163 contracts to their open interest positions in Natural Gas futures markets on Thursday, reaching the second consecutive build according to advanced prints from CME Group. Volume, instead, shrunk for the second straight session, this time by around 280.4K contracts.

Natural Gas stays capped by $3.00

Natural Gas corrected lower on Thursday after briefly testing new highs in the vicinity of the $3.00 mark earlier in the week. The daily pullback was accompanied by rising open interest, allowing for the continuation of the corrective move at least in the very near-term. In the meantime, the key $3.00 mark per MMBtu continues to cap occasional bullish attempts.