Natural Gas Futures: Upside remains in place… for now

Traders added just 242 contracts to their open interest positions in natural gas futures markets on Wednesday, reversing at the same time four daily pullbacks in a row, as noted by advanced prints from CME Group. On the other hand, volume rose by more than 35K contracts after two straight builds.

Natural Gas now looks to $4.00

Prices of natural gas advanced to levels just shy of the $4.00 mark per MMBtu on Wednesday amidst a small uptick in open interest. That said, the door still remains open for a potential move higher in the very near term. However, the current overbought condition of the commodity could spark some corrective downside.