A Few weeks back bulls looked to be in Command in the Nat Gas Complex due to drop in Oil production but then Demand destruction shown its ugly head as Lockdowns shut business and schools, A Cold shot of weather across the Eastern half of Country also failed to provide a lasting impact on Demand.Gas has been a one way, methodical trade lower once it closed above the 2.10 level,mission accomplished for the bulls as June Gas down 18% MTD. Below is Front Month June gas with Open Interest line over laid,you can see that as Nat Gas prices traded Lower Open interest followed thus giving A hint that Move lower could be Long Liquidation. Gas Had its Moment in the Sun,and now back to being the forgotten product. Today June Gas new Contract lows,July Gas a Handful of ticks away from Contract lows!
Another Sore Spot For Gas Demand is LNG exports,Chart below from BBG is counter intuitive as Graph moves higher less LNG exports. Lowest amount in 7 months