Natural Gas Futures: Correction remains on the cards

CME Group’s advanced figures for Natural Gas futures markets saw open interest and volume shrinking by around 6.5K contracts and by around 334.2K contracts, respectively, on Thursday.

Natural Gas still targets $3.00/MMBtu

The rally in Natural Gas prices remains unabated so far. However, Thursday’s uptick was in tandem with declining open interest and volume, opening the door to a potential correction lower in the short-term horizon. That said, the potential pullback could extend to the late August lows around $2.76 before resuming the upside with the target at the key $3.00 mark per MMBtu.