Natural Gas Futures: Further upside on the cards

In light of advanced figures from CME Group for Natural Gas futures markets, open interest went down for the fourth consecutive session on Wednesday, now by around 1.8K contracts. On the other hand, volume reversed two drops in a row and rose by nearly 43K contracts.

Natural Gas still targets $2.50/MMBtu

Wednesday’s negative price action in Natural Gas was in tandem with declining open interest, allowing for a rebound in the very near-term. That said, immediate target emerges at recent tops near the $2.30 region ahead of the more relevant peak in the $2.50 area.