Natural Gas Futures: Upside losing momentum?

Open interest in Natural Gas futures markets shrunk by around 13.8K contracts on Wednesday following two consecutive daily builds, in light of advanced readings from CME Group. Volume, instead, extended the uptrend and rose markedly by around 118.2K contracts.

Natural Gas faces initial support around $2.76

Prices of Natural Gas remain firm and the rally is already flirting with the $2.85 level per MMBtu. However, shrinking open interest on Wednesday allows for a potential correction in the short-term horizon ahead of a probable march towards the key $3.00 mark. The knee-jerk could see the $2.76 area re-visited (August 27 low).