Open interest in natural gas futures markets rose for the fourth consecutive session on Wednesday, this time by almost 5K contracts according to preliminary readings from CME Group. Volume extended the erratic performance and declined by around 101K contracts.
Natural Gas keeps targeting $10.00
Wednesday’s downtick in prices of natural gas was amidst increasing open interest, which supports the prospects for further correction in the very near term. In the meantime, the bullish stance in the commodity continues to target a move to the key $10.00 mark per MMBtu once the 2022 peak at $9.752 (July 26) is cleared.
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