Open interest in natural gas futures markets declined for a fifth consecutive day on Wednesday, this time by about 3.2k contracts, according to advanced data from CME Group. Volume followed suit and added to the previous build and fell sharply by around 161.2k contracts.
Natural gas could retest $6.50
Prices from natural gas continued to advance on Wednesday, although the move was accompanied by shrinking open interest and volume, suggesting further strength could fizzle out in the very short term. On the upside, the next notable support comes in May around $6.50 per MMBtu.
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