Natural Gas Futures: Further upside not favoured
|Advanced figures from CME Group for Natural Gas futures markets showed open interest dropped by around 7.7K contracts after two consecutive daily builds on Wednesday. In the same line, volume shrunk by around 27.4K contracts following four builds in a row.
Natural Gas now looks to $2.40/MMBtu
Natural Gas prices posted decent gains on Wednesday amidst diminishing open interest and volume. That said, further gains now look unlikely, while the door now remains open for a potential move lower. Against this, the $2.40 mark per MMBtu still emerges as the next support of relevance.
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