Natural gas yesterday traded with the range bound node and settled flat following a report from the U. S. Energy Information Administration indicating the third consecutive seasonal injection of natural gas for the year, underlining concerns over elevated U. S. supply levels. EIA said in its weekly report that natural gas storage in the U. S. in the week ended March 30 rose by 42 billion cubic feet. Inventories fell by 29 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 8 billion cubic feet, according to U. S. Energy Department data. Total U. S. natural gas storage stood at 2.479 trillion cubic feet as of last week. Stocks were 887 billion cubic feet higher than last year at this time and 934 billion cubic feet above the five-year average of 1.545 trillion cubic feet for this time of year. The report showed that in the East Region, stocks were 425 billion cubic feet above the five-year average, following a net injection of 11 billion cubic feet. Prices wavered between small gains and losses ahead of the data as traders braced for the government's weekly survey amid extended forecasts for slightly cooler weather. yesterday's trading session natural gas has touched the low of 108.2 after opening at 108.6, and finally settled at 109. For today's session market is looking to take support at 108.4, a break below could see a test of 107.9 and where as resistance is now likely to be seen at 109.3, a move above could see prices testing 109.7.

Trading Ideas:

Nat. Gas trading range for the day is 107.87-109.67.

Natural gas settled flat after dropping Friday following a report from U. S. indicating third consecutive seasonal injection of natural gas for year

EIA said in its weekly report that natural gas storage in U. S. in the week ended March 30 rose by 42bcf

The gas-directed rig count slid by 11 this week to 647, the 12th decline in 13 weeks.