Natural Gas Futures: Upside could lose traction

Considering preliminary readings from CME Group for natural gas futures markets, open interest extended the erratic performance and shrank by 926 contracts on Monday. Volume reversed two consecutive daily retracements and increased by nearly 27K contracts.

Natural Gas remains focused on $8.00

Prices of natural gas added to Friday’s gains at the beginning of the week. The uptick, however, was accompanied by shrinking open interest, which could prompt a pause in the ongoing strong rebound. Natural gas, in the meantime, continues to target the 2022 high past the $8.00 mark per MMBtu (April 18).