Natural Gas Futures: Further consolidation near term

Preliminary readings from CME Group for natural gas futures markets showed open interest drop by around 3.3K contracts after five consecutive daily builds on Thursday. On the other hand, volume resumed the uptrend and increased by around 42.3K contracts.

Natural Gas keeps targeting $9.75

Prices of natural gas charted an inconclusive session on Thursday amidst shrinking open interest and rising volume. That said, the commodity could attempt some consolidation in the very near term ahead of the potential continuation of the recent uptrend. On this, the immediate target remains at the 2022 high at $9.75 per MMBtu (July 26).