Traders scaled back their open interest positions in natural gas futures markets by just 431 contracts on Thursday according to preliminary readings from CME Group. Volume, on the other direction, resumed the upside and went up by nearly 12.7K contracts.
Natural gas reaches $4.00
Prices of natural gas closed above the key $4.00 mark per MMBtu on Thursday for the first time since December 2019. The uptick, however, was in tandem with a small increase in open interest, hinting at the idea that further upside remains on the cards, at least in the very near term.