Natural Gas Futures: Further weakness on the cards

Considering preliminary readings from CME Group for natural gas futures markets, open interest reversed a multi-session downtrend and went up by around 1.8K contracts on Friday. On the other hand, volume remained choppy and decreased by around 59.5K contracts.

Natural gas faces the next support near $6.40

Prices of natural gas ended Friday’s session in multi-week lows following fresh cycle peaks past $9.50 earlier in the month. The move was accompanied by increasing open interest, which is supportive of the continuation of the ongoing downtrend to, initially, the May’s low at $6.43 per MMBtu (May 10).