CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions for the first time since October 31 on Wednesday, now by around 4.6K contracts. In the same line, volume shrank for the second session in a row, this time by around 1.2K contracts.
Natural Gas: Firm contention remains around $3.000
Prices of natural gas printed decent gains on Wednesday. The move, however, was on the back of declining open interest and volume and suggests that further upside appear not favoured in the very near term. In the meantime, the $3.000 mark per MMBtu remains a solid contention area for the time being.