Natural Gas Futures: Extra gains look likely

Traders reversed four consecutive daily pullbacks and increased their open interest positions by nearly 12.3K contracts in Thursday. Volume, instead, resumed the downside and went down by around 35.8K contracts.

Natural Gas still targets $2.30/MMBtu

Thursday’s positive price action in prices of Natural Gas was amidst rising open interest, leaving the door open for a potential move higher in the very near-term. Against this, the immediate level to look to is at monthly peaks around $2.30 per MMBtu.