CME Group’s flash data for natural gas futures markets noted traders reduced their open interest positions by just 531 contracts after eight consecutive daily builds on Tuesday. In the same direction, volume added to the previous daily decline and shrank by around 9.7K contracts.
Natural Gas: Upside remains capped by the $3.50 zone
Tuesday’s uptick in prices of natural gas was in tandem with diminishing open interest and volume, which at the same time is indicative that extra gains appear not favoured in the very near term. So far, the $3.50 region per MMBtu still emerges as the next resistance of note for the commodity.
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