Open interest in natural gas futures markets shrank by around 3.2K contracts on Thursday, reversing the previous build considering advanced prints from CME Group. Volume followed suit and dropped by nearly 10K contracts after three consecutive daily builds.

Natural Gas could attempt some consolidation near term

Prices of natural gas briefly surpassed the $8.00 mark per MMBtu on Thursday, although the commodity ended the session with modest losses in the middle of the daily range. The drop was amidst shrinking open interest and volume and exposes some consolidation ahead of a potential corrective downside in the very near term.