Natural gas yesterday traded with the positive node and settled 0.62% up at 178.1 snapped two days of declines on Monday, rebounding from a three-month low as forecasts of colder weather in the U.S. boosted expectations for increased demand for the heating fuel. Earlier in the day, natural gas prices fell to 175.70, the lowest price since November 18, 2010, sparking some bargain buying from traders reluctant to bet that prices would fall further as forecasts showed cooler weather than initially forecast in the U.S. next week. Temperatures were previously forecast to be in a normal range during the period. For today's session market is looking to take support at 175.9, a break below could see a test of 173.8 and where as resistance is now likely to be seen at 180, a move above could see prices testing 182.

Trading Ideas:

Natural Gas trading range is 173.8-182.

Natural gas gained as forecasts of colder weather in the U.S. boosted expectations for increased demand

Natural gas looks to have a support at 177.80 and resistance at 180.80.

Prices were boosted after the EIA said that U.S. natural gas inventories erased a surplus to the five-year average