Natural Gas Futures: Pullbacks deemed as shallow

CME Group’s advanced readings for Natural Gas futures markets showed open interest went down for the third session in a row on Wednesday, this time by nearly 5K contracts. In the same line, volume dropped for the second straight day, now by around 115.2K contracts.

Natural Gas faces the next hurdle at $2.50/MMBtu

Natural Gas clinched fresh multi-week peaks around $2.26 on Wednesday, although it closed with losses amidst shrinking open interest and volume. That said, occasional retracements are seen as shallow, while the upside target remains at the 2020 highs around $2.50 recorded in early May.