Natural Gas Futures: Downside should be short lived

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the second session in a row on Friday, now by more than 17K contracts. In the other direction, volume went up for the second straight session, this time by around 8.5K contracts.

Natural Gas now looks to $10.00

Friday’s uptick in prices of natural gas reached fresh highs around the $9.00 mark per MMBtu. The uptick, however, was in tandem with shrinking open interest and is indicative that a deeper pullback remains out of favour for the time being. The next target of note for the commodity now emerges at the $10.00 mark.