The lower end of the current multi-week consolidation emerges at the key $2.00 mark per MMBtu.
Considering advanced prints from CME Group for natural gas futures markets, open interest dropped by around 17.8K contracts on Wednesday after two consecutive daily builds. Volume, instead, increased for the third straight day, now by around 112.7K contracts.
Natural Gas remains supported at around $2.00
Prices of natural gas rose for the fourth session in a row on Wednesday. The uptick, however, came on the back of declining open interest and this removes strength from the continuation of the rebound in the very near term. In the meantime, the lower end of the current multi-week consolidation emerges at the key $2.00 mark per MMBtu.
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