Natural Gas Futures: Upside could be losing traction
|Considering preliminary prints from CME Group for natural gas futures markets, open interest shrank for the second straight session on Wednesday, now by more than 10K contracts. In the other direction, volume rose for the third session in a row, this time by almost 60K contracts.
Natural Gas keeps targeting $5.00
Prices of natural gas extended further their rally on Wednesday, although this time on the back of diminishing open interest, suggesting that further upside could face a bumpy road in the very near term at least. The immediate target, in the meantime, emerges at the $5.00 MMBtu.
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