Natural Gas Futures: Scope for extra correction

Considering advanced figures from CME Group for natural gas futures markets, open interest increased for the third straight session on Tuesday, now by around 6.1K contracts. Volume followed suit and went up sharply by nearly 134K contracts after three consecutive daily drops.

Natural Gas retreats from cycle peaks

Prices of the natural gas climbed to new highs in the $9.75 region per MMBtu on Tuesday, an area last visited in July 2008, although they trimmed part of that advance later in the session. The move was on the back of increasing open interest and volume and opens the door to further correction in the very near term. Next on the upside, in the meantime, comes at the key $10.00 mark per MMBtu.