Natural Gas Futures: Correction seen extending further

Traders increased their open interest positions by almost 7K contracts on Thursday, keeping the uptrend well in place since April 28 considering flash data from CME Group. On the other hand, volume dropped for the second session in a row, this time by nearly 16K contracts.

Natural Gas could attempt some consolidation near-term

Prices of Natural Gas edged lower on Thursday amidst rising open interest, allowing for further losses in the very near-term. Further downside remains on the cards for the time being, while the key $3.00 mark per MMBtu still stands as a strong hurdle for bulls.