Open interest in gas futures markets increased for the second straight session on Thursday, now by around 4.2K contracts considering advanced prints from CME Group. Volume, instead, remained choppy and went down by nearly 19K contracts.
Natural Gas now looks to $3.50
Prices of gas recorded new 2021 highs beyond the $3.40 mark on Thursday. The move was on the rear of rising open interest, signalling that further gains remain within the pipeline within the very near term. Against that, subsequent target of note emerges at the $3.50 mark per MMBtu. However, the present overbought conditions carry the potential to spark a corrective move within the short-term horizon.