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Natural Gas Futures: Further downside in store
Considering advanced prints from CME Group for natural gas futures markets, open interest increased for the third session in a row on Wednesday, now by around 15.5K contracts. Volume, instead, remained erratic and shrank by around 42.7K contracts.
Natural Gas remains supported by $2.00
Wednesday’s downtick in prices of the natural gas was amidst increasing open interest and is supportive of extra losses in the very near term. The persistent choppiness in volume, in the meantime, seems to underpin the multi-week consolidation still in place. So far, the commodity is expected to meet decent contention around the $2.00 mark per MMBtu.
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