Natural Gas yesterday we have seen that market has moved -0.2% as forecasts showed that cold weather in the eastern U.S. will moderate next week. The number of U.S. gas drilling rigs fell by 13 to 948 this week. The rig total is up 25 percent from a year ago. Last week’s storage decline was bigger than the five-year average drop for the week of 74 billion cubic feet, department data showed. A deficit to year-earlier supplies widened to 1.5 percent from 0.6 percent. Market has opened at 200.9 & made a low of 200.4 versus the day high of 201.4. The total volume for the day was at 1290 lots and the open interest was at 18991.Now support for the Natural Gas is seen at 200.5 and below could see a test of 200. Resistance is now likely to be seen at 201.5, a move above could see prices testing 202.

Trading Ideas:

Natural Gas trading range is 200-202.

Natural gas fell as forecasts showed that cold weather in U.S. will moderate next week

Natural gas looks to test support at 199.60 and resistance is seen at 203.40.

The number of U.S. gas drilling rigs fell by 13 to 948 this week.