Investors trimmed their open interest positions in Natural Gas futures markets for yet another session on Thursday, this time by nearly 12K contracts according to advanced prints from CME Group. In the same line, activity in volume remained choppy and also went down by almost 99K contracts.
Natural Gas expected to re-visit $3.00 and above
Prices of Natural Gas clinched fresh yearly highs around $3.06 per MMBtu on Thursday before receding and closing the session in the negative territory. The move was in tandem with shrinking open interest and volume, hinting at the idea that a deeper pullback is not favoured. That said, a rebound to the $3.00 area and beyond stays well on the cards in the very near-term.
Credit: FX Street