Natural Gas Futures: Upside poised to continue
|In light of preliminary readings from CME Group for natural gas futures markets, open interest resumed the downtrend and went down by around 6.2K contracts on Friday. Volume followed suit and dropped by around 97.8K contracts.
Natural Gas: Extra gains likely on a close above $6.00
Friday’s negative price action in natural gas was in tandem with dwindling open interest and volume, removing some strength from the prospects of a deeper pullback and allowing for some correction in the very near term. The commodity, in the meantime, continues to target the $6.00 mark per MMBtu and above in the very near term.
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