Natural Gas Price: Extra weakness in the pipeline
|In light of preliminary readings for Natural Gas futures markets from CME Group, open interest went up by around 20.8K contracts at the beginning of the week. In the same direction, volume reversed the previous drop and rose by around 91.4K contracts.
Natural Gas Prices Forecast
Monday’s continuation of the pessimism around prices of the commodity was against the backdrop of rising open interest and volume, opening the door for a deeper retracement in the near-term at least.
That said, Natural Gas is navigating the $1.75 area, levels last seen in mid-April. Against this, initial contention is located at $1.681 (April 16) followed by the 2020 lows in the $1.57 area recorded earlier in April. On the other hand, monthly tops beyond $1.90 emerge as the next hurdle ahead of the key barrier at the $2.00 mark.
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