In light of preliminary readings from CME Group for gas futures markets, open interest rose for the third consecutive session on Friday, this point by nearly 6.5K contracts. within the same line, volume reversed the previous drop and went up by almost 68K contracts.
Natural gas now targets $3.72
Natural gas trades in levels last seen in January 2019 beyond the $3.50 mark peer MMBtu. Friday’s uptick in open interest and volume indicates that further upside remains on the cards within the very near term, although the present overbought condition of the commodity begs for a few caution. On the upside, subsequent target of relevance now emerges at the 2019 highs round the $3.72 mark.