Natural Gas Futures: Further decline not favoured near term
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Considering advanced prints from CME Group for natural gas futures markets, open interest dropped by around 7.5K contracts after four consecutive daily builds on Wednesday. Volume followed suit and shrank by around 7.5K contracts, reversing the previous daily uptick.
Prices of natural gas retreated on Wednesday, although the negative price action was in tandem with diminishing open interest and volume. Against that, the likelihood of a deeper drop appears somewhat curtailed in the very near term. The commodity, in the meantime, faces the next support of note around the $2.00 mark per MMBtu.
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