Natural Gas Futures: Some consolidation should not be ruled out

CME Group’s flash data for natural gas futures markets noted traders added around 7.5K contracts to their open interest positions on Wednesday, extending the ongoing uptrend. On the other hand, volume dropped for the second straight session, now by around 40.3K contracts.

Natural Gas appears supported around $3.00

Prices of natural gas charted an inconclusive session in tandem with rising open interest on Wednesday. That said, further range bound trade appears likely in the very near term, while a solid contention remains at the $3.00 region per MMBtu for the time being.