Natural Gas Futures: Upside bias remains unchanged
|According to preliminary figures for natural gas futures markets from CME Group, open interest rose by around 7.8K contracts following two drops in a row at the beginning of the week. Volume followed suit and went up by almost 15K contracts.
Natural gas advances above $4.00
Prices of natural gas clinched new YTD highs near the $4.20 mark per MMBtu on Monday, closing the session around 4.10 afterwards. Further upside in prices seems likely on the back of rising open interest and volume, although the persistent overbought condition of the commodity calls for a corrective move anytime soon.
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