Flash data for Natural Gas futures markets from CME Group showed open interest reversed the uptrend at the end of last week and shrunk by around 24.4K contracts. On the opposite direction, volume faded the previous drop and rose by around 240.5K contracts.
Natural Gas Prices Forecast
The recent knee-jerk in prices of Natural Gas was amidst declining open interest, leaving the downside somewhat limited for the time being and opening the door for some bounce in the short-term horizon.
Against this, Natural Gas is expected to meet initial resistance at last week’s top at $1.914 ahead of the key $2.00 mark. On the downside, the so far monthly low at $1.775 (June 1) emerges as the initial contention ahead of the 2020 low at $1.574 (April 2).
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