Natural Gas Futures: Upside unlikely to progress

According to advanced prints for natural gas futures markets from CME Group, open interest shrank for the second session in a row on Friday, this time by around 5.3K contracts. In the same line, volume clinched the second daily drop, now by around 85.3K contracts.

Natural Gas stays capped by $3.80

Friday’s advance in prices of natural gas was fuelled by short covering, as noted by the positive price action coupled with declining open interest and volume. That said, further gains appear unlikely in the very near term, while the $3.80 mark per MMBtu continues to cap the upside.