Natural gas eked out a gain after setting 13-month lows for three consecutive days. The American Petroleum Institute reported on Tuesday that third-quarter U.S. drilling activity surged 45% from last year as oil and gas producers rushed to exploit vast shale reserves that only recently became economically feasible to tap. Natural Gas yesterday we have seen that market has moved 1.78%. Market has opened at 166.7 & made a low of 165.5 versus the day high of 171.7. The total volume for the day was at 35235 lots and the open interest was at 12745.Now support for the Natural Gas is seen at 165.2 and below could see a test of 162.2. Resistance is now likely to be seen at 171.4, a move above could see prices testing 174.6.

Trading Ideas:

Natural Gas trading range is 162.2-174.6.

Natural gas eked out a gain on bargain buying after setting 13-month lows

Natural gas looks to test support at 165.20 and resistance is seen at 171.40.

The API reported that third-quarter U.S. drilling activity surged 45% from last year