According to preliminary figures for Natural Gas futures markets from CME Group, open interest shrunk by around 9.6K contracts on Thursday, extending the choppy activity. Volume, too, went down for the second straight session, this time by around 19.7K contracts.
Natural Gas faces strong hurdle around $2.80/MMBTu
Thursday’s positive price action in natural gas was against the backdrop of diminishing open interest and volume, limiting the upside and opening the door to potential correction in the very near-term. That said, the $2.80 area per MMBTu remains quite a tough barrier for the time being.
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