Natural Gas Futures: Further upside not ruled out

Considering advanced figures from CME Group for natural gas futures markets, open interest dropped for the third consecutive session on Monday, this time by around 15.8K contracts. On the flip side, volume reversed two daily pullbacks in a row and increased by around 268.3K contracts, the largest single day build since June 15.

Natural Gas faces the next hurdle near $2.90

Monday’s marked uptick in prices of natural gas was accompanied by shrinking open interest, indicating that extra gains look not favoured for the time being. However, the strong build in volume leaves the door open to a potential test of the June high near the $2.90 mark per MMBtu (June 28).