Natural Gas yesterday traded with the positive node and settled 0.48% up at 103.1 traded slightly higher Friday, approaching the technically critical $2.00 level, as bottom fishing speculators continue to hunt for the rebound. Futures have been hitting a string of fresh 10-year lows over the past two weeks, as the bearish sentiment on the heating fuel remained intact amid ongoing concerns over waning demand and elevated U.S. storage levels. Natural gas prices have plunged almost 22% since the beginning of March and are down nearly 32% since the start of 2012. The commodity has lost approximately 55% of its value over the past 12 months. As long as production cut doesn't comes in the market prices are expected to test the all-time low of $1.02 hit in 1992. amid expectations gas stockpiles will continue to rise throughout the next few months as demand weakens. Gas traders looked forward to the U.S. EIA’s closely-watched weekly report on natural gas inventories due later Thursday.The data was expected to show an injection of 25bcf, compared to last year's build of 7bcf. According to the U.S. NOAA, last month was the warmest March ever recorded in the U.S. and current weather forecasts suggest temperatures are not likely to fall significantly again this season. However, the investment bank expected prices to rebound in 2013 and average $3.36 per million British thermal units. For today's session market is looking to take support at 101.9, a break below could see a test of 100.6 and where as resistance is now likely to be seen at 103.9, a move above could see prices testing 104.6.

Trading Ideas:

Nat.Gas trading range for the day is 100.63-104.63.

Natural gas settled up approaching technically critical $2.00 level, as bottom fishing speculators continue to hunt for rebound

As long as production cut doesn't comes in the market prices are expected to test the all-time low of $1.02 hit in 1992

Natural gas prices have plunged almost 22% since the beginning of March and are down nearly 32% since the start of 2012