Natural Gas Futures: Further upside under scrutiny

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the second straight session on Friday, this time by around 2.9K contracts. In the same direction, volume faded the previous build and went down by around 49.5K contracts.

Natural Gas now looks to revisit $8.00

Friday’s strong advance in prices of natural gas was in tandem with diminishing open interest and volume, unveiling some lack of sustainability when it comes to the continuation of the uptrend in the very near term. In case bulls push harder, the next target of note for the commodity should emerge around the $8.00 mark per MMBtu (high June 16).