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Natural Gas Futures: Gains appear capped near term
Investors scaled back their open interest positions in natural gas futures markets by around 2.8K contracts on Wednesday, reversing the previous daily build, considering advanced readings from CME Group. Volume followed suit and went up by around 55.2K contracts.
Natural gas faces the next hurdle at $5.00
Prices of natural gas extended the corrective upside on Wednesday, although the uptick was accompanied by shrinking open interest and volume, trimming prospects for the continuation of the uptrend in the very near term. Against this, the next resistance of note for the commodity comes at the $5.00 mark per MMBtu.
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