Natural Gas Futures: Upside seen limited

CME Group’s preliminary readings for natural gas futures noted open interest and volume shrunk by around 17.2K contracts and by around 88.8 contracts, respectively, on Thursday.

Natural Gas remains focused on $3.00/MMBtu

Prices of Natural Gas managed to surpass the $2.82 level on Thursday, although they ended up closing near $2.77 per MMBtu amidst diminishing open interest and volume. That said, it seems short covering continues to feed occasional bullish attempts, which are still expected to target the key barrier at $3.00/MMBtu.