Open interest in natural gas futures markets continued the downward trend and fell by just 169 contracts on Wednesday, according to preliminary readings from the CME Group. On the other hand, volume resumed its upward trend and rose by some 53,400 contracts, partially offsetting the previous drop.
Natural Gas remains supported around $7.50
Natural gas prices rose again on Wednesday, although the move came amid shrinking open interest and a moderate increase in volume. Having said that, although the rebound could extend in the short term, it could also start to run out of steam. Looking at recent price developments, occasional bearish moves in the commodity should find good support around the $7.50 level by MMBtu.
Source: Fx Street
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