CME Group’s preliminary readings for Natural Gas futures markets noted open interest extended the downtrend for yet another session on Wednesday and shrunk by nearly 14.5K contracts. In the same line, volume reversed two consecutive sessions and increased by around 75.3K contracts.
NATURAL GAS CLINCHES FRESH 2020 HIGHS
Prices of the Natural Gas finally reached the key $3.00 mark per MMBtu on Wednesday, recording at the same time fresh yearly highs. The move, however, was on against the backdrop of diminishing open interest, hinting at the view that a move lower remains on the cards in the very near-term.