Natural Gas Futures: Further upside not favoured

Traders scaled back their open interest positions for the second straight session on Wednesday, this time by nearly 1.5K contracts considering advanced prints from CME Group. Volume, in the same direction, extended the choppy activity and shrunk by around 64.2K contracts.

Natural Gas keeps looking to $3.00

Prices of Natural Gas creep higher and approach the key $3.00 mark per MMBtu so far this week. Wednesday’s decent gains, however, were amidst shrinking open interest and volume, removing some strength from the ongoing upside in the very near-term.