Open interest in natural gas futures markets shrank for the fourth consecutive session on Wednesday, this time by around 6.3K contracts, as per advanced prints from CME Group. In the same line, volume went down by more than 191K contracts, leaving behind the previous daily build.

Natural Gas looks to $8.00 and above

Prices of the natural gas extended the rejection from Monday’s fresh cycle peaks past the $8.00 mark per MMBtu on Wednesday. The downtick came on the back of shrinking open interest and volume, indicative that a potential near-term bounce lies ahead.