Natural Gas Futures: Potential for a move lower

Considering preliminary figures for gas futures markets from CME Group, open interest shrank for the fifth consecutive session on Tuesday, now by around 3.5K contracts. Volume followed suit and went down by around 35.6K contracts.

Natural Gas remains focused on $3.36
Tuesday’s gains in prices of gas were supported by trading , as noted by shrinking open interest and volume. That said, the door stays open for a possible retracement within the very near term. Further upside, within the meantime, is predicted to focus on the thus far 2021 highs around $3.36 per MMBtu (June 15).