Natural Gas Futures: Upside remains on the cards

According to advanced figures from CME Group for Natural Gas futures markets, open interest went up by around 11.9K contracts on Monday, clinching the sixth consecutive daily build. In the same line, volume rose for the third day in a row, now by around 18K contracts.

Natural Gas now looks to $2.80/MMBtu

Prices of the commodity rose sharply beyond the $2.70 mark per MMBtu at the beginning of the week. The move was accompanied by rising open interest and volume, supporting the idea of higher prices in the short-term horizon and with the target at the 2020 high near $2.80/MMBtu.