Natural Gas Futures: Extra weakness looks not favoured
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Open interest in natural gas futures markets shrank for the third straight session on Wednesday, now by nearly 19K contracts according to preliminary readings from CME Group. Volume, on the other hand, went up by almost 64K contracts after two daily drops in a row.
Wednesday’s downtick in prices of the natural gas was accompanied by diminishing open interest, which hints at the idea that the continuation of the downtrend appears out of favour for the time being. That said, the commodity still remains well underpinned by the $2.00 region per MMBtu.
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