Natural Gas Futures: Upside momentum looks firm

Open interest in Natural Gas futures markets rose by nearly 11.7K contracts on December 31^st following seven consecutive daily pullbacks, according to advanced figures for CME Group. Volume followed suit and increased by nearly 115.7K contracts after two drops in a row.

Natural Gas shifts the focus to $3.00/MMBtu

Thursday’s positive price action in Natural Gas was amidst rising open interest and volume, leaving the door open for the continuation of the uptrend in the very near-term. Against that, the next level of relevance is now at the $3.00 mark per MMBtu, area last traded in November.