Natural gas dropped on profit booking on the weekend after gaining earlier in the week as cooling demand in the U.S. East jumped to combat the year’s hottest weather. The number of rigs actively exploring for oil and natural gas in the U.S. rose by 11 this week to 1,916. Houston-based drilling product provider Baker Hughes Inc. reported Friday that 1,021 rigs were exploring for oil and 889 for natural gas. A year ago this week the rig count stood at 1,585. In yesterday's trading session natural gas has touched the low of 195.4 after opening at 195.4, and finally settled at 195.7. For today's session market is looking to take support at 195.4, a break below could see a test of 195.1 and where as resistance is now likely to be seen at 196, a move above could see prices testing 196.3.

Trading Ideas:

Natural Gas trading range is 195.1-196.3.

Natural gas dropped on profit booking on the weekend after gaining earlier in the week

The number of rigs actively exploring for oil and natural gas in U.S. rose by 11 this week to 1,916

Natural gas is taking resistance at 198 level above this next resistance comes at 201.20 level