According to the latest figures from CME Group, open interest in natural gas futures markets has fallen for the third consecutive month. The decrease amounted to around 15.8 thousand contracts.
However, there was a volume reversal with an increase of around 268.3 thousand contracts. This is the largest one-day build since June 15.
Despite the price surge, shrinking open interest suggests further gains may not be likely in the near future.
The sharp increase in volume provides an opportunity for a possible test of the June high, which is near $2.90 per MMBtu (June 28).
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