According to advanced readings from CME Group, open interest in natural gas futures markets dropped by around 10.6K contracts on Thursday, extending the choppy activity for yet another session. Volume followed suit and went down by around 7.5K contracts.
Natural Gas faces the next hurdle at $2.90
Prices of natural gas charted a doji-like session on Thursday amidst shrinking open interest and volume, opening the door to some rangebound trading in the very near-term. Against this, the next target of note for the commodity emerges at the 2021 highs in the $2.90 mark per MMBtu (January 12).
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