Natural Gas Price: Further downside in the pipeline
|In light of advanced figures from CME Group for Natural Gas futures markets, open interest rose for the fourth consecutive session on Monday, now by nearly 2.6K contracts. Volume, instead, diminished by nearly 20.9K contracts after two builds in a row.
Natural Gas Prices Forecast
Prices of Natural Gas started the week on a negative fashion. Further downside remains on the table, however, supported by increasing open interest and erratic volume.
In fact, Natural Gas tested levels last seen in mid-April on Monday before rebounding a tad and close the session just above the $1.80 mark per MMBtu. Further downside momentum should see the $1.680 region revisited (April 16) ahead of the 2020 low at $1.574 (April 2). The potential rebound, however, carries the potential to extend to the key barrier at $2.00, although a stronger catalyst is needed to extend the move further north on a sustainable fashion.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.