Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the fourth session in a row on Wednesday, this time by around 11.2K contracts. On the other hand, volume resumed the upside and increased by around 35.2K contracts.
Natural Gas: Consolidative phase expected to prevail
Prices of natural gas rebounded further on Wednesday amidst diminishing open interest, which is indicative that a more serious bullish attempt appears out of favour for the time being. Instead, the commodity seems poised to extend the side-lined mood in place since early November. On the downside, the $4.70 mark per MMBtu should still offer decent contention.
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