In light of flash data for Natural Gas futures markets from CME Group, open interest rose marginally by 16 contracts on Wednesday amidst the prevailing downtrend in place since October 15. Volume, on the other hand, shrunk by around 172.2K contracts, fading the previous build.
NATURAL GAS LOOKS NEUTRAL/BULLISH
Wednesday’s negative price action in prices of Natural Gas was in tandem with a marginal advance in open interest against the backdrop of a broader downtrend. That said, further consolidation appears likely in the very near-term, although occasional bullish attempts should not be ruled out.