Natural Gas Futures: Further upside likely

In light of preliminary figures from CME Group for Natural Gas futures markets, open interest rose for the fourth session in a row on Thursday, now by just 351 contracts. In the same direction, volume went up by around 83.2K contracts.

Natural Gas still targets $2.80/MMBtu

Prices of Natural Gas look side-lined around the $2.50 region so far in the second half of the week. Thursday’s positive performance was in tandem with rising open interest and volume, supporting the idea the further gains are probable in the very near-term. That said, the 2020 highs in the $2.80 region per MMBtu emerge as the next target on the upside.