Support for the further weakness of Natural Gas Futures in the near future is low.
Preliminary readings from CME Group indicate that open interest in the natural gas futures markets remained erratic and decreased by a mere 805 contracts on Wednesday. The volume also decreased for the second consecutive session, this time by approximately 36.8K contracts.
Despite the ongoing weekly fluctuations, the price of natural gas experienced a slight decline on Wednesday. This was likely due to the reduction in open interest and volume. However, this decline supports the notion that the likelihood of further weakness in the near future is low. Additionally, the commodity is currently receiving strong support from the $2.50 per MMBtu region.
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