Natural Gas Price: Further upside appears on the cards

Open interest in Natural Gas futures markets rose by around 9.6K contracts on Thursday in light of advanced readings from CME Group. In the same direction, volume extended the uptrend and increased by around 7.3K contracts.

Natural Gas Prices Forecast

Thursday’s positive price action in prices of Natural Gas was in tandem with rising open interest and volume, supportive of the continuation of the rebound, at least in the very near-term.

That said, Natural Gas faces the initial hurdle at monthly peaks at $1.914 (June 5) ahead of the key $2.00 hurdle. On the other hand, the June’s low at $1.736 (June 10) emerges as the interim support previous to the 2020 lows in the $1.57 area April 2).