Natural Gas Futures: Neutral/Bullish near-term
|In light of advanced prints from CME Group for Natural Gas futures markets, open interest extended the uptrend for the fourth session in a row on Wednesday, this time by around 4.9K contracts. On the other hand, volume went down for the second consecutive day, now by around 29.3K contracts.
Natural Gas supported around $2.60/MMBtu
Wednesday’s positive move in natural gas was amidst the continuation of the uptrend in open interest, allowing for further gains in the very near-term. Another drop in volume, however, could play against this view and prompt some consolidation instead. The commodity, in the meantime, remains well supported around the $2.60 level per MMBtu.
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