Natural Gas Futures: Further consolidation on the cards
|CME Group’s advanced prints for Natural Gas futures markets noted open interest shrunk by just 19 contracts on Wednesday, clinching the sixth consecutive drop. in the same line, volume reversed two builds in a row and shrunk by around 80K contracts.
Natural Gas: Recovery faltered around $2.70/MMBtu
Prices of Natural Gas briefly tested the $2.70 region, just to retreat soon afterwards, on Wednesday. The inconclusive price action was on the back of shrinking open interest and volume, exposing further consolidation or a corrective downside in the very near-term. In the meantime, the $2.70 mark per MMBtu still stands as a key hurdle for bulls.
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