Natural Gas Futures: Further consolidation appears in the pipeline

According to preliminary readings from CME Group for natural gas futures markets, open interest dropped for the second session in a row on Wednesday, this time by just 582 contracts. Volume, instead, resumed the uptrend and rose by around 8.8K contracts and partially reversed the previous strong decline.

Natural Gas poised to extend the range bound near $9.00

Wednesday’s volatile price action and small gains in natural gas was amidst shrinking open interest, which leaves the prospects for further gains somewhat curtailed for the time being. Against that, the commodity could extend the side-lined mood with support in the $9.00 region per MMBtu.