Natural Gas Futures: Further downside looks not favoured

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for yet another session at the end of last week, now by around 4.1K contracts. On the other hand, volume reversed two daily drops in a row and increased by around 55.4K contracts.

Natural Gas keeps targeting $10.00

Friday’s downtick in prices of the natural gas was on the back of diminishing open interest, which is supportive of the continuation of the uptrend in the short-term horizon. Against that, the commodity continues to target the 2022 highs around $10.00 per MMBtu (August 23).