CME Group’s flash data for natural gas futures markets noted traders reduced their open interest positions by around 8.7K contracts at the beginning of the week, extending the erratic performance seen as of late. On the other hand, volume remained choppy and went up by around 170.5K contracts.
Natural Gas: Upside remains limited around $3.00
Monday’s uptick in prices of natural gas was accompanied by shrinking open interest and suggests that further gains appear not favoured in the very near term. However, the strong build in open interest could allow for the continuation of the upside momentum. In the meantime, the $3.00 mark per MMBtu remains as a strong hurdle for bulls for the time being.
Source: https://www.fxstreet.com/news/natural-gas-futures-extra-gains-appear-likely-202308290652