CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions by around7.5K contracts on Tuesday, while volume rose for the second session in a row, now by around 31.6K contracts.

Natural Gas: Upside now targets the 55-day SMA around $7.50

Prices of natural gas retreated moderately on Tuesday, although the move was against the backdrop of declining open interest. That said, a deeper correction appears not favoured for the time being, leaving the door open to the resumption of the uptrend in the short-term horizon. Next on the upside emerges the interim hurdle at the 55-day SMA at $7.52 per MMBtu.