Natural Gas Price: Near-term rebound in the pipeline?

Open interest and volume in Natural Gas futures markets rose by around 19K contracts and by almost 97K contracts, respectively, on Friday, according to flash figures from CME Group.

Natural Gas Prices Forecast

Friday’s small advance in prices of the commodity was in tandem of rising open interest and volume, which could be supportive of a near-term rebound.

In fact, Natural Gas continues to navigate the lower bound of the recent range and at shouting distance from May’s lows near the $1.80 level per MMBtu. 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.