Natural Gas Futures: Still scope for further gains

Considering preliminary readings from CME Group for natural gas futures markets, open interest rose by just 28 contracts on Friday, reaching the second daily build in a row. On the other hand, volume went down for the third straight session, now by around 8.4K contracts.

Natural Gas remains supported by $4.40

Friday’s uptick in prices of natural gas was amidst a small gain in open interest, allowing for the potential continuation of the trend in the very near term. In the meantime, the 200-day SMA around the $4.40 region per MMBtu continues to hold the downside for the time being.