Natural Gas Futures: Extra gains appear favoured

CME Group’s preliminary readings for natural gas futures markets noted open interest increased for the second session in a row at the beginning of the week, this time by around 7.2K contracts. On the other hand, volume, shrank for the third straight session, now by around 59.5K contracts.

Natural Gas keeps targeting the YTD high near $9.50

Prices of natural gas have almost fully recovered June’s sharp pullback and already trades at shouting distance from the $9.00 mark per MMBtu. Monday’s uptick was against the backdrop of rising open interest and exposes the likelihood of further gains in the very near term and always with the next target at the 2022 peak around $9.50 (June 8).