Natural Gas Futures: Correction overdue?

Open interest in natural gas futures markets resumed the downtrend and shrank by nearly 8K contracts on Wednesday, according to advanced prints from CME Group. On the other hand, volume extended the choppy activity and went up by around 64.3K contracts.

Natural Gas now targets $10.00

Prices of natural gas climbed to fresh cycle tops past the $9.00 mark per MMBtu on Wednesday, levels last seen back in August 2008. The move, however, was on the back of shrinking open interest, opening the door to some corrective move in the short-term horizon.