Natural Gas Futures: Scope for further advance

Open interest in natural gas futures markets rose by around 1.8K contracts after three daily pullbacks in a row on Thursday, noted advanced prints from CME Group. On the other hand, volume went down for the second straight session, this time by around 32.6K contracts.

Natural Gas: Rebound could revisit $5.20

Thursday’s decent gains in prices of natural gas were accompanied by rising open interest, indicative that further recovery appears likely in the very near term and with the immediate target at the monthly high around $5.20 per MMBtu (March 7).