Natural Gas Futures: Further upside in store near term

CME Group’s flash data for natural gas futures markets showed open interest increased for the fourth consecutive session on Tuesday, this time by around 5.2K contracts. Volume followed suit and clinched the second build in a row, now by more than 89K contracts.

Natural Gas remains focused on $9.75

Tuesday’s strong advance in prices of natural gas past the $9.00 mark per MMBtu was accompanied by increasing open interest and volume, which remains supportive of further gains in the very near term. Against that, it only seems a matter of time before the commodity challenges the 2022 peak around $9.75 (July 26).