Natural Gas Futures: Outlook remains positive (with caution)

CME Group’s advanced readings for Natural Gas futures prices noted open interest resumed the downside on Friday, this time decreasing by around 20.7K contracts. Volume, instead, reversed three pullbacks in a row and rose by nearly 128.4K contracts.

Natural Gas still targets $2.50/MMBtu

Friday’s uptick in prices of Natural Gas was amidst declining open interest, which is a sign that further upside could lack conviction in the short-term horizon. Looking at the broader picture, the key target emerges at the 2020 high aroun $2.50 mark per MMBtu (May 5).

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