Natural Gas Futures: Room for further recovery near term
Considering advanced prints from CME Group for natural gas futures markets, open interest remained choppy and went up by around 13.6K contracts on Tuesday. Volume followed suit and increased for the second session in a row, this time by around 21.7K contracts.
Natural Gas: Initial up-barrier comes near $3.300
Tuesday’s decent bounce in prices of natural gas was in tandem with increasing open interest and volume, leaving the door open to the continuation of the rebound in the very near term. Against that view, the commodity is expected to meet the next obstacle around the weekly high if $3.275 per MMBtu (November 15).