Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the fourth session in a row on Wednesday, this time by around 11.2K contracts. On the other hand, volume resumed the upside and increased by around 35.2K contracts.
Prices of natural gas rebounded further on Wednesday amidst diminishing open interest, which is indicative that a more serious bullish attempt appears out of favour for the time being. Instead, the commodity seems poised to extend the side-lined mood in place since early November. On the downside, the $4.70 mark per MMBtu should still offer decent contention.
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