Natural Gas Futures: Neutral/bullish near-term

Investors increased their open interest positions for the third straight session on Wednesday, this time by around 7K contracts in light of advanced readings from CME Group. On the opposite side, volume kept the erratic trend and shrunk by nearly 124K contracts.

Natural Gas could re-test $2.80/MMBtu

Prices of Natural Gas charted and inconclusive session on Wednesday and closed into the negative territory. Rising open interest favours some consolidation although another attempt to the area of 2020 highs around $2.80 per MMBtu should not be ruled out.