Natural Gas Futures: Rebound has further legs to go

Considering advanced prints from CME Group for natural gas futures markets, open interest rose by just 287 contracts on Friday, resuming the uptrend after the previous daily retracement. On the other hand, volume remained choppy and rose by around 103K contracts.

Natural Gas still targets $9.50

Friday’s uptick in prices of natural gas was in tandem with a small increase in open interest, allowing for the continuation of the rebound in the very near term and always with the immediate target at the YTD top around $9.50 per MMBtu (May 26).