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Natural Gas Futures: Scope for extra gains near term
Considering advanced prints from CME Group for natural gas futures markets, open interest resumed the uptrend and increased by around 1.7K contracts on Thursday. On the other hand, volume shrank by nearly 60K contracts following three consecutive daily advances.
Natural Gas faces the next hurdle near $3.20
Prices of the natural gas extended the rebound after briefly visiting the sub-$2.00 region for the first time since September 2020 on Thursday. The uptick was in tandem with increasing open interest and this underpins the possibility of further gains in the very near term. Against that, a Fibo retracement of the December-February sharp decline near $3.20 per MMBtu now emerges as an initial hurdle for the current recovery.
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