Natural Gas Futures: No changes to the consolidative phase

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank for the fourth session in a row on Monday, this time by almost 8K contracts. Volume, instead, went up by around 9.7K contracts, reversing the previous daily drop.

Natural Gas: Initial resistance emerges near $2.40

Prices of natural gas climbed modestly at the beginning of the week. However, the uptick was on the back of diminishing open interest and rising volume, exposing the continuation of the current multi-week consolidation range. In the meantime, occasional bullish attempts should meet the initial up-barrier around monthly highs near the $2.40 mark per MMBtu (June 8).