Commodity Trading Tips for Natural Gas by KediaCommodity

Natural-GasNatural Gas yesterday traded with the positive node and settled 3.08% up at 116.8 before this we have seen prices jumping towards 120.00 level but latter dropped by almost 6% as investors took profits from Wednesday’s spike higher on the spring cold snap. Natural gas was pushed higher as weather forecasts across the US continued to call for unseasonably cold spring conditions. Prices surged by more than 8% this week after a late-season storm brought heavy rain and even snow to certain areas of the East Coast. The harsh weather was expected to persist, with the National Weather Service calling for heavy snow through Tuesday in western New York, west-central Pennsylvania and northeast West Virginia. Weekly storage data from the US released last week showed that natural gas storage in the US rose by 25 billion cubic feet last week, the fifth consecutive seasonal injection of natural gas for the year. Natural gas prices have plunged almost 25% since the beginning of March and are down nearly 35% since the start of 2012. In yesterday's trading session natural gas has touched the low of 113.9 after opening at 113.9, and finally settled at 116.8. For today's session market is looking to take support at 113.8, a break below could see a test of 110.8 and where as resistance is now likely to be seen at 119.9, a move above could see prices testing 123.

Trading Ideas:

Nat.Gas trading range for the day is 110.8-123.

Natural gas yesterday traded with the positive node before this we have seen prices jumping towards 120.00 level.

Natural gas was pushed higher as weather forecasts across the US continued to call for unseasonably cold spring conditions

The EIA's closely watched storage report said inventories last week rose 47 billion cubic feet to 2,548 bcf.