Natural Gas Futures: Initial resistance turns up near $7.00

CME Group’s flash data for natural gas futures markets saw open interest extend the choppy activity and rise by around 3.8K contracts on Wednesday. Volume, on the flip side, shrank by around 61.5K contracts after two daily builds in a row.

Natural Gas: Upside looks capped by $7.00

Natural gas prices charted decent gains on Wednesday amidst rising open interest, which appears supportive of the continuation of the rebound. However, the moderate uptick in volume could slow the pace of the bounce or motivate some consolidation in the near term. So far, recent peaks near the $7.00 mark per MMBtu seem to cap the continuation of the uptrend for the time being.