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Outlook remains positive for natural gas

CME Group’s advanced readings for Natural Gas futures prices noted open interest resumed the downside on Friday, this time decreasing by around 20.7K contracts. Volume, instead, reversed three pullbacks in a row and rose by nearly 128.4K contracts.

Natural Gas still targets $2.50/MMBtu

Friday’s uptick in prices of Natural Gas was amidst declining open interest, which is a sign that further upside could lack conviction in the short-term horizon. Looking at the broader picture, the key target emerges at the 2020 high aroun $2.50 mark per MMBtu (May 5).

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.