Natural gas finished higher buoyed by a large drawdown in inventories and forecasts of wintry weather in February and March. Futures were bolstered by a government report released showing an unusually large pull from gas inventories last week. The U.S. Energy Information Administration reported that natural gas stockpiles declined by 245 billion cubic feet last week. Natural Gas yesterday we have seen that market has moved 1.61%. Market has opened at 254.7 & made a low of 253 versus the day high of 262.9. The total volume for the day was at 42051 lots and the open interest was at 7167.Now support for the Natural Gas is seen at 253.10 and below could see a test of 248.10. Resistance is now likely to be seen at 263.00, a move above could see prices testing 267.90.

Trading Ideas:

Natural gas trading range is 245-270.

Natural gas finished higher buoyed by a large drawdown in inventories and forecasts of wintry weather

Now resistance is at 260.60 above this a rally till 263-265 can be seen.

EIA reported that natural gas stockpiles declined by 245 billion cubic feet

BUY NAT GAS JAN @ 256 SL 253 TGT 258.50-260.20-264.MCX