Natural Gas Futures: Scope for extra gains

Considering advanced prints from CME Group for natural gas futures markets, open interest increased for the second session in a row on Tuesday, now by nearly 2K contracts. Volume, in the same direction, added to the previous daily build and went up by almost 3K contracts.

Natural Gas faces initial hurdle around $2.43

Prices of natural gas extended the march north on Tuesday amdidst rising open interest and volume, leaving the door open to the continuation of the ongoing bounce in the very near term. That said, there is an interim resistance area at the 100-day SMA around the $2.43 level per MMBtu for the time being.