Natural Gas Futures: Interim top in place?

According to advanced prints from CME Group for natural gas futures markets, traders added nearly 3K contracts to their open interest positions on Thursday, reaching the third build in a row. Volume, instead, went down by around 163.3K contracts, keeping the choppy performance well and sound.

Natural Gas targets $5.00

The rally in prices of natural gas surpassed the $4.70 mark per MMBtu in the last couple of sessions, area last visited in November 2018. Thursday’s inconclusive session was amidst rising open interest, adding to the view that the commodity could face a near-term consolidation or even a corrective downside on the back of the current overbought conditions (as per the daily RSI). The positive outlook in natural gas, however, remains intact and targets the $5.00 mark in the relatively short term.