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Natural Gas Futures: Door open to further losses
Open interest in natural gas futures markets rose for the third straight session on Wednesday, this time by nearly 3K contracts according to preliminary readings from CME Group. Volume followed suit and went up by around 26.4K contracts after two daily pullbacks in a row.
Natural Gas risks a breach of $6.50
Wednesday’s downtick in prices of natural gas was on the back of increasing open interest and volume and allows for the continuation of the downside in the very near term at least. Against that, the commodity risks challenging the key support around the $6.50 zone per MMBtu in the short-term horizon.
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