Natural Gas Futures: Further gains not ruled out

Preliminary readings from CME Group for natural gas futures markets saw open interest rise for the third session in a row on Wednesday, this time by around 5.6K contracts. Volume, instead, shrank by around 97.3K contracts after three consecutive daily builds.

Natural Gas remains supported by the $6.50 zone

Prices of natural gas extended the rebound on Wednesday amidst rising open interest, which is supportive of the continuation of this trend in the very near term. On this, the next hurdle for bulls come at the 100-day SMA at $7.88, while the 200-day SMA near $6.50 per MMBtu continues to hold the downside.