Natural Gas Futures: Probable move higher

Open interest in Natural Gas futures markets reversed two consecutive daily pullbacks and rose by around 19.5K contracts on Wednesday, considering flash data from CME Group. In the same direction, volume went up by around 69.6K contracts after six consecutive daily pullbacks.

Natural Gas now looks to $3.15

Natural Gas prices regained the $3.00 mark and beyond on Wednesday against the backdrop of increasing open interest and volume. That said, the door appears now open to extend the uptrend in the very near-term, with the next significant hurdle at the monthly peaks around $3.15 mark per MMBtu (May 17).