Natural Gas Futures: Neutral/bullish near-term

Advanced readings from CME Group for natural gas futures markets showed open interest extended the choppy activity and rose by more than 6K contracts at the beginning of the week. Volume, instead, dropped markedly by around 218.3K contracts after two consecutive daily builds.

Natural Gas stays supported around $2.70/MMBtu

Natural gas prices appear to have met decent support around the $2.70 per MMBtu for the time being. Monday’s uptick was amidst rising open interest, indicative that further upside could lie ahead. That said, the 20-day SMA in the $2.90 region per MMBtu emerges as the next interim hurdle in the short-term.