Natural Gas Futures: Scope for further upside

According to advanced prints for natural gas futures markets from CME Group, open interest increased for yet another session on Tuesday, now by 824 contracts. Volume followed suit and went up markedly by 357K contracts.

Natural Gas now focuses on $3.40/MMBtu

Tuesday’s positive price action in natural gas was on the back of increasing open interest and volume, allowing for extra gains in the very bear-term. Against this, the 2020 highs near the $3.40 mark per MMBtu (October 30) now turns out as the next target of significance.