Natural Gas Futures: Positive bias stays intact

In light of advanced readings from CME Group for natural gas futures markets, traders added around 12.8K contracts to their open interest positions on Friday, extending the uptrend in place since June 23. On the other hand, volume dropped for the third session in a row, this time by more than 102K contracts.

Natural gas looks capped by $3.80

Natural gas extended the upside momentum on Friday amidst rising open interest, leaving the door open to further gains in the very near term. While current overbought conditions could spark a corrective move, the next target of note emerges at the $3.80 mark per MMBtu.