According to FX Strategists at UOB Group, open interest in Natural Gas futures markets shrunk by around 10.2K contracts on Tuesday. Volume followed suit and dropped by around 131.1K contracts.
Natural Gas faces strong resistance around $2,00/MMBtu
The strong rebound in prices of Natural Gas since late June lows seems to have met strong resistance around the $1,95 level so far. Tuesday’s diminishing open interest and volume amidst rising prices opens the door to some near-term correction, while the $2,00 mark still emerges as the next relevant hurdle.