CME Group’s flash data for natural gas futures markets noted traders increased their open interest positions for the fifth consecutive session on Tuesday, this time by around 1.8K contracts. In the same direction, volume rose for the second day in a row, now by more than 26K contracts.

Natural Gas: A revisit of $3.00 emerges on the horizon

Prices of natural gas extended the bearish correction and came closer to the key $3.00 mark per MMBtu on Tuesday. The daily pullback was accompanied by rising open interest and volume and is indicative that further losses remain on the cards in the very near term. That said, there is room for further weakness to the $3.00 region, an area that remains underpinned by the transitory 55-day SMA near $2.95.