Open interest in Natural Gas futures markets went up by around 4.5K contracts on Wednesday, partially reversing the previous daily drop according to preliminary prints from CME Group. Volume, on the other hand, shrunk by around 62.8K contracts after two builds in a row.
Prices of Natural Gas trade at shouting distance from the key $3.00 mark per MMBtu. Wednesday’s advance was in tandem with rising open interest, which should be supportive of further upside in the very near-term and with the $3.00 level as the immediate hurdle for the time being.
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