Natural Gas Futures: Recovery has further legs to go

According to advanced readings from CME Group for natural gas futures markets, open interest rose by around 15.5K contracts after five consecutive daily builds on Wednesday. Volume, instead, reversed two daily pullbacks in a row and dropped by around 6.8K contracts.

Natural Gas now targets $6.00

Prices of the MMBtu of natural gas extended the rebound on Wednesday amidst rising open interest, which is supportive of the continuation of the rebound at least in the very near term. That said, the commodity now targets the key barrier at the $6.00 mark per MMBtu ahead of a potential move to YTD highs near $6.50 (October 6).