CME Group’s flash data for Natural Gas futures markets noted open interest went down by around 4.7K contracts on Thursday, reversing the previous small build. Volume, on the other hand, sharply reversed two consecutive pullbacks and rose by almost 324K contracts.
Natural Gas meets support near $2.50… for now
Thursday’s negative price action saw Natural Gas receding to multi-week low near the $2.50 per MMBtu, just to regain some traction soon afterwards. That said, diminishing open interest allows for a rebound in the very near-term while the $2.50 region should hold further selling impetus for the time being.
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