Natural Gas Futures: Scope for further gains

Traders increased their open interest positions for the fifth consecutive session on Wednesday, this time by around 8.8K contracts in light of advanced prints from CME Group. Volume, on the other hand, extended the erratic activity as of late and went down by nearly 47.1K contracts.

Natural Gas regains the upside past $3.00/MMBtu

Natural Gas prices met support around the $2.80 mark per MMBtu in past sessions. The subsequent rebound already clinched the $3.00 level and is seen extending the move up in the very near-term. This view is supported by the recent uptick in open interest.