Advanced figures for Natural Gas futures markets from CME Group noted open interest extended the uptrend on Thursday, this time rising by around 5.6K contracts. On the other hand, volume reversed the previous build and shrunk by around 157.6K contracts.
Natural Gas Prices Forecast
The recovery in prices of Natural Gas extended the upside momentum on Thursday, although a surpass of the $1.90 mark still remains elusive for the time being. Against this, rising open interest opens the door to the continuation of the rebound, at least in the short-term horizon.
In fact, Natural Gas met buying interest in the $1.77 region per MMBtu on Monday. Further upside is therefore expected to meet interim hurdle at Wednesday’s top near $1.90 ahead of the key $2.00 mark. On the downside, the $1.680 region could re-emerge on the horizon in case sellers regain the upper hand ahead of the 2020 low at $1.574 (April 2).
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