Natural Gas Futures: Upside remains in place… for now
|Traders added just 242 contracts to their open interest positions in natural gas futures markets on Wednesday, reversing at the same time four daily pullbacks in a row, as noted by advanced prints from CME Group. On the other hand, volume rose by more than 35K contracts after two straight builds.
Natural Gas now looks to $4.00
Prices of natural gas advanced to levels just shy of the $4.00 mark per MMBtu on Wednesday amidst a small uptick in open interest. That said, the door still remains open for a potential move higher in the very near term. However, the current overbought condition of the commodity could spark some corrective downside.
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