Natural Gas Futures: Further advance in store near term

Pablo Piovano FXStreet

Open interest in natural gas futures markets reversed the previous daily drop and went up by nearly 12K contracts on Tuesday according to preliminary readings from CME Group. Volume, instead, shrank by around 41.6K contracts, partially setting aside the previous daily build.

Natural Gas faces the next up barrier at $3.00

Prices of natural gas extended the weekly uptrend on Tuesday. The move was on the back of increasing open interest and is indicative that extra gains appear in the pipeline for the commodity in the short-term horizon. That said, the next resistance emerges at the key $3.00 region per MMBtu.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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