Natural Gas Futures: Further gains in store near term
|Considering advanced prints from CME Group, open interest in natural gas futures markets went up by nearly 7K contracts last Friday, leaving behind the previous daily drop. In the same line, volume rose by around 127.3K contracts and kept the choppy activity well in place for yet another session.
Natural Gas: Next on the upside comes $3.20
Prices of the natural gas closed just above the key $3.00 marl for the first time since late January on Friday. The marked bounce was also amidst increasing open interest and volume and is indicative that further gains lie ahead in the very near term. That said, the next up barrier aligns at the Fibo retracement near the $3.20 level per MMBtu.
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