Natural Gas yesterday we have seen that market has moved -0.51% as pressure from ample supplies outweighed expectations for increased gas-heating demand with colder-than-normal weather forecast for next week. The number of rigs drilling for natural gas in the U.S. increased by 17 last week to 953. The gas rig count is up about 27% from the same week last year as producers continue to rush to exploit shale rock formations. Market has opened at 195.3 & made a low of 191.3 versus the day high of 197.1. The total volume for the day was at 41378 lots and the open interest was at 16635.Now support for the Natural Gas is seen at 191 and below could see a test of 188.3. Resistance is now likely to be seen at 196.8, a move above could see prices testing 199.9.

Trading Ideas:

Natural Gas trading range is 188.3-199.9.

Natural gas ended weak getting pressure from ample supplies

Natural gas looks to test support at 191 and resistance is seen at 196.80.

The number of rigs drilling for natural gas in the U.S. increased by 17 last week to 953.