Natural Gas Futures: Technical rebound in the offing?

Open interest in natural gas futures markets prolonged the uptrend and rose by just 197 contracts on Thursday according to preliminary readings from CME Group. In the same line, volume extended the erratic performance and went up by around 26.6K contracts.

Natural Gas now moved into a consolidative phase

Prices of natural gas advanced marginally on Thursday. This uptick was accompanied by another increase in open interest and volume, exposing some extra gains near term. This view also appears reinforced by the current oversold conditions of the commodity.