In light of advanced prints from CME Group for natural gas futures markets, open interest increased for the first time since August 15, this time by around 2.5K contracts. On the other hand, volume remained choppy and dropped by nearly 7K contracts.
Natural Gas risks further decline below $2.50
Prices of natural gas retreated for the second session in a row and closed just below the key $2.50 mark on Wednesday. The daily decline came along rising open interest and allows for the continuation of the ongoing retracement in the very near term. Furthermore, a sustained drop below $2.50 should pave the way for extra pullbacks to, initially, the June low near $2.15 per MMBtu.
Source: https://www.fxstreet.com/news/natural-gas-futures-door-open-to-extra-losses-202308240657