Extra upside remains in store near term
Considering advanced figures from CME Group for natural gas futures markets, open interest remained on the rise on Tuesday, this time by around 8.8K contracts. Volume followed suit and increased by around 260.2K contracts after three consecutive daily pullbacks.
Natural Gas: The $2.30 region holds the downside so far
Natural gas prices extended the recovery on Tuesday amidst rising open interest and volume, leaving the door open to the continuation of the rebound in the very near term. The next up barrier of note appears at the round level at the $3.00 mark per MMBtu, while recent lows near $2.30 seem to offer decent contention.