In light of advanced prints for natural gas futures markets from CME Group, open interest extended the uptrend for yet another session and went up by nearly 21.5K contracts on Thursday. Volume, instead, dropped for the second session in a row, this time by around 130.7K contracts.
Natural Gas looks capped by $3.80… for now
The upside bias in natural gas remains well and sound. Thursday’s positive price action was amidst rising open interest, indicative that extra gains still remain on the table in the very near term. That said, the $3.80 mark per MMBtu emerges as the next target of note. However, the likelihood of a corrective decline stays well on the cards, as natural gas keeps navigating the overbought territory.
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