Preliminary data from the CME Group for the Natural Gas futures markets indicates that traders reduced their open interest positions by more than 5,000 contracts on Wednesday, partially reversing the previous daily increase. Along the same lines, volume fell for the second session in a row, now at around 25,400 contracts.
Natural Gas is still capped at $3.00
Natural Gas prices extended the uptrend for the fifth straight session on Wednesday amid declining open interest and volume. Having said that, the continuation of the uptrend seems unlikely in the short term, exposing some corrective moves on the table. Meanwhile, Natural gas price is expected to remain capped by the key $3.00 level by MMBtu.
Source: Fx Street
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