Natural Gas Futures: A deeper drop looks not favoured
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Open interest in natural gas futures markets remained choppy and shrank by just 805 contracts on Wednesday, according to preliminary readings from CME Group. Volume followed suit and went down for the second straight session, this time by around 36.8K contracts.
Prices of the natural gas retreated modestly on Wednesday amidst the ongoing weekly choppiness. The daily pullback was on the back of diminishing open interest and volume and bolsters the idea that further weakness looks unlikely in the very near term at least. The commodity, in the meantime, seems well supported by the $2.50 region per MMBtu for the time being.
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