Upside could still extend further

Considering flash data from CME Group, open interest in natural gas futures prices rose for the third session in a row on Tuesday, this time by around 6.1K contracts. Volume, instead, reversed two consecutive daily builds and went down by around 64.3K contracts.

Natural Gas looks supported by the 200-day SMA

Tuesday’s third advance in a row in prices of natural gas was accompanied by an uptick in open interest, indicative that prices could edge higher in the very near term. While above the key 200-day SMA, today at $4.037, the outlook for the commodity appears constructive.

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