Natural Gas Futures: Further upside on the cards

Considering advanced prints from CME Group for natural gas futures markets, open interest partially reversed the previous daily build and went down by around 3.3K contracts on Friday. Volume followed suit and shrank by almost 195K contracts.

Natural Gas: Immediately to the upside comes $7.60

Friday’s strong decline in prices of natural gas was amidst diminishing open interest and volume and opens the door to the continuation of the underlying uptrend in the very near term and with immediate hurdle at the November high at $7.60 per MMBtu (November 23).