Natural Gas Futures: Room for extra upside

Open interest in natural gas futures markets rose by around 5.6K contracts on Wednesday, setting aside the previous pullback according to preliminary readings from CME Group. In the same line, volume went up by around 88.3K contracts and maintained the ongoing erratic performance.

Natural Gas now focuses on $8.00 and above

Wednesday’s strong advance in prices of natural gas reached multi-week highs around $7.60. The move was against the backdrop of increasing open interest and volume, indicative that the rally remains well and sound for the time being. That said, the next hurdle for the commodity is seen at the $8.00 mark per MMBtu in the very near term.