Natural Gas Futures: Further correction on the cards

Considering flash prints from CME Group for natural gas futures markets, open interest extended the uptrend on Wednesday, now by around 2.1K contracts. Volume, instead, dropped by around 46.4K contracts after two straight daily builds.

Natural Gas still targets the 2022 high at $9.75

Prices of natural gas rose to fresh monthly highs near $9.70 on Wednesday before ending the session with tolerable losses. The downtick, however, was amidst rising open interest and suggests that a potential correction lies ahead, although the broader positive stance keeps the door open to a test of the 2022 peak at $9.75 (July 26) sooner rather than later.