According to preliminary data from CME Group for the natural gas futures markets, open interest fell for the second straight day on Wednesday, this time by just 582 contracts. Volume instead resumed the uptrend, rising about 8.8k contracts and partially reversing the previous sharp decline.
Natural gas is poised to extend the range around the $9.00 level
The volatile price action on Wednesday and small gains in natural gas was in the midst of dwindling open interest, leaving the prospects for further gains somewhat limited for now. Conversely, the commodity could extend sideways sentiment with support near $9.00 per MMBtu area.
Comments are closed.