In light of advanced readings for Natural Gas futures markets from CME Group, open interest went up for the four consecutive sessions on Wednesday, this time by around 3.8K contracts. In the same line, volume prolonged the choppy activity and rose by more than 4K contracts.
Natural Gas: Next hurdle aligns around $1,80/MMBtu
After bottoming out in the $1,64 region on Monday, prices of Natural Gas sparked a corrective upside to the current $1,73 region. Wednesday’s positive performance of the commodity was accompanied by increasing open interest and volume, opening the door to the continuation of the ongoing rebound in the very near-term with immediate hurdle at the 55-day and 100-day SMAs in the $1,79/$1,82 band.