Natural Gas Futures: Rebound could be short-lived

Open interest in natural gas futures markets reversed six daily builds in a row and shrank by more than 11K contracts on Wednesday, in light of advanced prints from CME Group. Volume extended the choppy activity and went down by around 192.8K contracts.

Natural Gas could drop to $3.15

Prices of natural gas charted a positive session on Wednesday. The uptick, however, was in tandem with shrinking open interest and volume, removing strength from the move up. That said, the commodity could re-visit the $3.15 mark per MMBtu in the short term.