Open interest in natural gas futures markets extended the uptrend for yet another session on Wednesday, this time by more than 1K contracts according to preliminary readings from CME Group. On the other hand, volume shrank for the second session in a row, now by nearly 36K contracts.
Natural Gas: No changes to the consolidative theme
Prices of natural gas added to the previous session’s gains on Wednesday amidst rising open interest and is supportive of extra gains in the very near term. However, the persistent decline in volume could remove strength to that view and should leave the ongoing consolidation theme well in place for the time being.