Natural Gas Futures: Door open to extra weakness

Open interest in natural gas futures markets went up for the third session in a row on Thursday, this time by nearly 9K contracts according to preliminary readings from CME Group. In the same line, volume rose for the second straight day, now by around 171.1K contracts, the largest single-day build since January 3.

Natural Gas now targets the $2.40 zone

Prices of the natural gas kept its downtrend well in place for yet another session on Thursday. The move was amidst rising open interest and volume and underpins the idea that extra weakness remains on the cards in the very near term. The next target of note appears at the 2021 lows around $2.40 per MMBtu.