Natural Gas Futures: Downside seen limited

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CME Group’s flash data for Natural Gas futures markets noted both open interest and volume decreased by around 11.3K contracts and by nearly 34.5K contracts, respectively, on Monday.

Natural Gas appears supported by the 200-day SMA

Prices of Natural Gas receded markedly at the beginning of the week, although they were well contained by the $2.11 area, where sits the 200-day SMA. Shrinking open interest and volume adds to the view that a deeper pullback is not favoured for the time being. That said, immediate target is at recent tops below $2.30 ahead of the 2020 highs around $2.50 per MMBtu recorded in early May.

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