Natural Gas Futures: Rebound seems short-lived
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Considering advanced prints from CME Group for natural gas futures markets, open interest shrank by nearly 6K contracts on Wednesday after four consecutive daily builds. On the other hand, volume rose for the third session in a row, this time by more than 8K contracts.
Prices of natural gas appear to have met some initial and so far decent support around the key $2.00 mark per MMBtu. Wednesday’s bounce, however, was accompanied by decreasing open interest, which hints at the idea that a convincing rebound is not favoured for the time being.
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