Crude Oil Futures: Correction lower in the cards

CME Group’s flash data for Natural Gas futures markets noted traders increased their open interest positions by around 30.5K contracts on Wednesday, the largest single day build since April 14. In the same line, volume rose for the second session in a row, this time by around 233.5K contracts.

WTI faces interim support around $62.00

Wednesday’s downtick in prices of the WTI was in tandem with increasing open interest and volume, opening the door to a probable move lower in the very near-term. Against this, there is an interim contention area around recent lows in the $62.00 region (May 3).