Natural Gas Futures: Correction lower likely near-term

Traders trimmed their open interest positions in Natural Gas futures markerts for the fourth consecutive day on Friday, this time by nearly 9.8K contracts in light of advanced prints from CME Group. On the opposite side, volume extended the choppy activity and went up by almost 59K contracts.

Natural Gas prices now target $3.00/MMBtu

Prices of Natural Gas trade in fresh yearly highs past the $2.90 mark per MMBtu. Frida’s strong gains, however, were in tandem with diminishing open interest, hinting at the idea that a correction lower could be shaping up.