Natural Gas Futures: Scope for further upside near term

Considering advanced prints from CME Group for natural gas futures markets, open interest went down for the third session in a row on Thursday, this time by nearly 10K contracts. On the flip side, volume extended the uptrend for the fourth straight session, now by almost 51K contracts.

Natural Gas looks to retest $5.00

Thursday’s downtick in prices of natural gas was accompanied by shrinking open interest, indicative that extra losses look unlikely in the very near term and therefore leaving the door open to a probable visit to the $5.00 mark per MMBtu in the near term.