Natural Gas Futures: Outlook remains positive (with caution)
|CME Group’s advanced readings for Natural Gas futures prices noted open interest resumed the downside on Friday, this time decreasing by around 20.7K contracts. Volume, instead, reversed three pullbacks in a row and rose by nearly 128.4K contracts.
Natural Gas still targets $2.50/MMBtu
Friday’s uptick in prices of Natural Gas was amidst declining open interest, which is a sign that further upside could lack conviction in the short-term horizon. Looking at the broader picture, the key target emerges at the 2020 high aroun $2.50 mark per MMBtu (May 5).
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