Natural Gas Futures: Extra gains likely near term

In light of advanced readings for natural gas futures markets, open interest increased for the fifth consecutive session at the beginning of the week, this time by around 9.6K contracts. Volume, instead, went down by around 300.6K contracts and reversed two daily builds in a row.

Natural Gas now targets $3.40

Natural gas prices extended the rally on Monday to new YTD highs well above the $3.00 mark per MMBtu. Rising open interest is now indicative that the upside in the commodity still has further legs to go with the immediate target at the 2020 highs around $3.40 (October 30 2020).