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Natural Gas Futures: Extra upside likely near term
Considering advanced prints from CME Group for natural gas futures markets, open interest increased for the fourth consecutive session on Friday, this time by just 65 contracts. Volume, instead, dropped by around 123.3K contracts, the largest single day drop since March 9.
Natural Gas now targets $5.87 (November 2021 high)
Friday’s advance in prices of natural gas was on the back of an uptick, albeit small, of open interest, which remains supportive of extra gains in the very near term. That said, the next hurdle of now is seen at the November 2021 high around $5.87 per MMBtu.
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