Special Report: NG October January Spread---6/25/2025

Overview

Natural Gas Technical & Sentiment Overview

Bearish Engulfing Bar (June 20th)- NG CSO V5/F6😀 

NG CSO V/F printed a bearish engulfing candle on June 20th.

This followed a failed breakout above the upper Bollinger Band.

Led to new lows yesterday and overall bearish market tone continues.

Technical Setup:

Early June rally cleared out oversold conditions — so current downside is not technically constrained.

Market now has room to sell off further without being oversold on common indicators.

Options Sentiment:

• Notable large open interest on the NG CSO V/F -1.50 put.

• Implies market participants positioning for more downside.

Downside Target:

-1.30 area appears to be the first near-term target.

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