Natural Gas Futures: Upside has further legs to go

In light of preliminary figures from CME Group for natural gas futures markets, open interest increased for the second session in a row on Thursday, this time by nearly 12K contracts. On the flip side, volume dropped for the second consecutive day, now by around 37.5K contracts.

Natural gas still targets $4.20

Thursday’s recovery in prices of natural gas was accompanied by increasing open interest, supporting the view of the continuation of the uptrend in the very near term. That said, the next hurdle of relevance is still parked at the $4.20 mark per MMBtu.