Traders increased their open interest positions in Natural Gas futures markets by around 10.7K contracts on Wednesday, prolonging the erratic performance seen as of late and in light of advanced figures from CME Group. Volume, too, went up by around 24.4K contracts, partially reversing the previous pullback.
Natural Gas could re-test the $2.10/MMBtu area
Prices of Natural Gas charted a bearish “outside day” on Wednesday. That, coupled with rising open interest, leaves the scenario ripe for extra downside in the near-term. Against that, the next support of relevance could come in at the $2.10 region, or early August lows.