Natural Gas yesterday traded with the positive node and settled 0.3% up at 233.4 as prices continued to draw support from a warmer-than-normal weather outlook that was expected to increase demand. Prices seen under pressure at higher levels as investors cashed out the market to lock in gains after prices continued to rise in last some session. Natural gas futures have been well-supported in recent days, climbing almost 7% over the past three sessions, after updated weather forecasting models pointed to a wider swath of above-normal temperatures across most parts of the U.S. in the next two weeks, boosting near-term cooling demand expectations. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.  Market players now looked ahead to Thursday’s closely-watched U.S. supply data to gauge the strength of demand from U.S. households. Early injection estimates for this week’s storage data range from 87 billion cubic feet to 100 billion cubic feet, compared to a 75 billion cubic feet increase during the same week a year earlier. Total U.S. natural gas storage stood at 1.865 trillion cubic feet as of last week, 5% below the five-year average for this time of year. In yesterday's trading session natural gas has touched the low of 230.8 after opening at 232.7, and finally settled at 233.4. For today's session market is looking to take support at 231, a break below could see a test of 228.6 and where as resistance is now likely to be seen at 235.6, a move above could see prices testing 237.8.

Trading Ideas:

Nat.Gas trading range for the day is 228.6-237.8.

Natural gas remained firm as prices continued to draw support from a warmer-than-normal weather outlook that was expected to increase demand.

Prices seen under pressure at higher levels as investors cashed out the market to lock in gains after prices continued to rise in last some session.

Today natural gas storage: EXP: 90B PREV: 99B. Actual is at 8.00PM