Investors trimmed their open interest positions for the second session in a row on Monday, this time by almost 13K contracts in light of advanced figures from CME Group for Natural Gas futures markets. Volume followed suit and went up by around 16.8K contracts.
Natural Gas Prices Forecast
Monday’s negative start of the week in prices of Natural Gas was against the backdrop of shrinking open interest and volume, allowing for the reversion of the drop in the very near-term.
That said, Natural Gas is flirting with the 55-day SMA around $1.87 and 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).