Natural Gas Futures: Further rangebound on the cards

Traders trimmed their open interest positions for the first time since April 28 on Tuesday, now by around 14.3K contracts in light of flash data from CME Group. Volume, in the meantime, rose by around 53.6K contracts, extending the erratic performance seen in past sessions.

Natural Gas looks capped by $3.00

Natural Gas prices closed with decent gains on Tuesday. The uptick was in tandem with shrinking open interest, indicative that extra upside looks unlikely in the very near-term. In the meantime, the key $3.00 mark per MMBtu continues to cap the upside for the time being.