According to advanced readings from CME Group for natural gas futures markets, traders added around 26.4K contracts to their open interest positions, reaching the fourth consecutive build on Thursday. On the flip side, volume extended the choppy performance and went down by nearly 9.3K contracts.
Natural Gas could retreat to the $2.73/MMBtu area
Natural Gas once again tested the area beyond the ley $3.00 mark per MMBtu on Thursday, although failed (once again) to close the session above it. Rising open interest now favours further decline in the very near-term, with the next contention zone emerging in the so far monthly lows around $2.73/71.
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