Natural Gas Futures: Looks neutral/bullish near term

Considering preliminary readings from CME Group for natural gas futures markets, open interest rose by around 3.8K contracts at the beginning of the week after two daily pullbacks in a row. In the same line, volume increased by more than 50K contracts.

Natural Gas now targets the $6.83 level

Monday’s marginal gains in prices of natural gas were accompanied by rising open interest and volume, opening the door to some consolidation ahead of extra upside in the very near term. That said, the weekly high at $6.83 per MMBtu (June 29) still emerges as the next target of note in the short-term horizon.