Natural Gas Futures: Some consolidation appears on the cards near term

Open interest in natural gas futures markets increased for the third straight session on Wednesday, no by more than 19K contracts according to preliminary readings from CME Group. On the other hand, volume shrank by around 27.5K contracts after two consecutive daily builds.

Natural Gas keeps targeting the sub-$2.00 region

Prices of the natural gas attempted a mild bounce on Wednesday. The tepid uptick was accompanied by increasing open interest and declining volume, which should point to the emergence of some consolidation in the very near term. In the meantime, the 2023 low in the sub-$2.00 region per MMBtu.