Natural Gas Futures: Door open to further upside

Considering advanced prints for natural gas futures markets, open interest rose for the fourth straight session on Tuesday, this time by around 22.5K contracts, the highest level since May17. Volume followed suit and went up by around 282K contracts after two daily drops in a row.

Natural Gas now targets the 2021 peaks above $3.30

Tuesday’s uptick in prices of natural gas was on the back of rising both open interest and volume, paving the way for further gains in the very near-term. Against this, the next hurdle of note comes in at the YTD highs beyond the $3.30 mark per MMBtu (February 17).