Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the third session in a row on Tuesday, now by around 2.3K contracts. In the same direction, volume resumed the downtrend and dropped by nearly 55K contracts.

Natural Gas: Near-term top around $2.80?

The pronounced rebound in prices of the natural gas seems to have met some tough resistance near the $2.80 mark per MMBtu so far. Tuesday’s small gains were accompanied by shrinking open interest and volume, which hints at some consolidation in the short term ahead of a probable resumption of the downward bias.