Natural Gas Futures: Scope for a deeper decline
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Considering advanced figures from CME Group for natural gas futures markets, open interest went up for the second consecutive day on Wednesday, now by around 16.3K contracts. Volume followed suit and rose by around 2.7K contracts, partially reversing the previous daily drop.
Prices of natural gas dropped further on Wednesday and are expected to put the $3.00 mark per MMBtu to the test sooner rather than later. The uptick in open interest and volume is supportive of that view and exposes a drop to the March 2021 lows near $2.40.
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