Natural Gas Futures: Upside bias looks firm

Open interest in natural gas futures markets increased for the second session in a row on Wednesday, this time by around 5.7K contracts according to advanced prints from CME Group. Volume, on the other hand, shrank by around 117.5K contracts following two consecutive daily builds.

Natural Gas now looks to $5.50

Prices of natural gas rose for the third straight session on Wednesday, extending the move further north of the $5.00 mark per MMBtu. The uptick was in tandem with another build in open interest, suggesting that extra gains remain in the pipeline for the time being and with the next resistance at the YTD peak at $5.501 (February 2).