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Sustained gains look likely above $3.00

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Open interest in natural gas futures markets rose for the fifth consecutive session on Wednesday, this time by around 3.7K contracts according to preliminary readings from CME Group. Volume followed suit and added to the weekly uptrend, now by around 109.3K contracts.

Natural Gas: Sustained gains look likely above $3.00

Prices of natural gas surpassed the key $3.00 region to chart new nne-month highs on Wednesday, although the commodity ended up closing the session around the $2.96 zone. The uptick was amidst increasing open interest and volume and leaves the prospects for extra gains intact for the time being. There is scope for a more sustained advance once the $3.00 zone per MMBtu is cleared in a convincing fashion.

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