Natural Gas Futures: Extra gains now look favoured
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Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the second session in a row on Monday, now by around 7.7K contracts. In the same line, volume went up by around 66.7K contracts following fourth consecutive daily drops.
Prices of natural gas kicked in the new trading week in a positive mood. The uptick came after three consecutive daily pullbacks and was in tandem with increasing open interest and volume, which leaves room for the continuation of the rebound in the very near term. That said, the next up-barrier emerges at the March top at $3.027 (March 3) per MMBtu ahead of a Fibo retracement near $3.20.
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