Natural Gas Futures: Corrective downside in the pipeline?

In light of advanced prints from CME Group for natural gas futures markets, open interest resumed the upside and increased by around 11.2K contracts at the beginning of the week. In the same line, volume went up by around 34.8K contracts.

Natural Gas approaches $6.00/MMBtu

Prices of natural gas briefly surpassed the $6.00 mark per MMBtu on Monday, although they closed just below $5.80. The move was against the backdrop of increasing open interest and volume and could allow for some retracement in the very near term. In the longer run, the $6.00 mark remains the initial magnet for bulls’ aspirations.