CME Group’s flash data for natural gas futures markets noted traders reduced their open interest positions for yet another session on Wednesday, now by around 9.6K contracts. Volume followed suit and dropped by nearly 53K contracts, partially reversing the previous daily build.
Natural Gas: Further consolidation appears on the cards
Wednesday’s negative price action in natural gas prices was on the back of shrinking open interest and volume, which hints at the idea that a near-term rebound appears on the cards with the immediate target initially around the $2.80 mark per MMBtu.
Diversified Energy Company plc (LON:DEC), formerly Diversified Gas & Oil plc, is a gas and oil production company operating in the Appalachian Basin in the United States.