In light of preliminary prints from CME Group for natural gas futures markets, open interest added to the previous drop and shrank by around 6.5K contracts on Wednesday. Volume followed suit and dropped by more than 3K contracts after two daily builds in a row.
Natural Gas still targets $6.50
Wednesday’s decent advance in prices of natural gas was amidst diminishing open interest and volume, allowing for some correction in the very near term. Looking at the broader picture, the commodity keeps targeting the YTD high around $6.50 per MMBtu (October 6).
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