CME Group’s flash data for natural gas futures markets noted traders added nearly 11K contracts to their open interest positions following three daily pullbacks in a row on Wednesday. In the same line, volume went up by around 6.7K contracts, extending at the same time the erratic performance for yet another session.

Natural Gas now looks at $3.00 and beyond

Prices of the natural gas extended the recovery above the $2.80 level on Wednesday. The uptick was on the back of rising open interest and volume, indicating that the continuation of this move appears favoured in the very near term. The next hurdle of note for the commodity now emerges at the $3.00 mark per MMBtu ahead of a Fibo retracement of the December-February drop near $3.20.