Commodity Trading Tips for Natural Gas by KediaCommodity

Natural GasNatural gas yesterday traded with the positive node and settled 1.85% up at 178.6 on slight short covering but overall view still look weak as amid indications of decreased demand after forecasts showed warmer-than-normal temperatures in the U. S. through mid-March. Temperatures in the central U. S. were expected to be as much as eight degrees above normal throughout the period, with warmth lingering in the south and east thereafter according to meteorologists at WSI. AccuWeather said that Chicago was forecast to have a low temperature of 38 degrees on March 17, seven degrees above average. The low in New York, meanwhile, was expected to be 47 degrees, twelve degrees above average. For today's session market is looking to take support at 175.2, a break below could see a test of 171.8 and where as resistance is now likely to be seen at 180.6, a move above could see prices testing 182.6.

Trading Ideas:

Natural Gas trading range is 171.8-182.6.

Natural gas rose but looks unable to hold gains as the market remains under pressure

Natural gas looks to have a support at 175.20 and resistance at 181.40

EIA lowered its supply forecast, but still expects production to increase by 0.8% this year.