CME Group’s preliminary data for Natural Gas futures markets noted open interest reversed three consecutive daily pullbacks and increased by almost 18K contracts. On the other hand, volume receded for the second day in a row, now by around 125.6K contracts.
Natural Gas Prices Forecast
The continuation of the downtrend in prices of the MMBtu of the commodity looks supported by increasing open interest. That said, the next support of relevance emerges at the monthly lows in the sub-$1.80 region for the time being.
Prices of Natural Gas are now flirting with the 55-day SMA in the $1.86 region amidst the broader bearish scenario. Further south emerges the monthly lows in the $1.80 zone ahead of late April lows around $1.70. The resumption of the upside is expected to face strong barrier in recent peaks around the $2.00 neighbourhood seconded by April’s tops near $2.10.
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.