Natural Gas Futures: Scope for further recovery near term
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CME Group’s flash data for natural gas futures markets noted open interest rose by around 3.7K contracts following three consecutive daily pullbacks on Wednesday. In the same line, volume went up by around 114.3K contracts after two daily drops in a row.
Wednesday’s gains in prices of natural gas were against the backdrop of increasing open interest and volume, which is indicative that the continuation of the rebound looks in place for the time being. Against that, the next upside target for the commodity appears at the 200-day SMA, today around $6.85 per MMBtu.
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