Natural gas yesterday traded with the positive node and settled 1.44% up at 236.8 after a report from the EIA showed natural gas supplies rose less-than-expected last week. The U. S. Energy Information Administration said in its weekly report that natural gas storage in the U. S. in the week ended May 17 rose by 89 billion cubic feet, below expectations for an increase of 91 billion cubic feet. Total U. S. natural gas storage stood at 2.053 trillion cubic feet as of last week. Stocks were 680 billion cubic feet less than last year at this time and 84 billion cubic feet below the five-year average of 2.137 trillion cubic feet for this time of year. The report showed that in the East Region, stocks were 111 billion cubic feet below the five-year average, following net injections of 46 billion cubic feet. Stocks in the Producing Region were 22 billion cubic feet below the five-year average of 850 billion cubic feet after a net injection of 32 billion cubic feet. Natural gas futures have been well-supported in recent days, climbing almost 7% over the past four 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. The EIA still expects output in 2013 to post a record high for a third straight year. In yesterday's trading session natural gas has touched the low of 231.7 after opening at 234.5, and finally settled at 236.8. For today's session market is looking to take support at 233.3, a break below could see a test of 229.7 and where as resistance is now likely to be seen at 238.8, a move above could see prices testing
240.7.

Trading Ideas:

Nat. Gas trading range for the day is 229.73-240.73.

Natural gas gained after a report from the EIA showed natural gas supplies rose less-than-expected last week.

EIA said in its weekly report that natural gas storage in the U. S. rose by 89 billion cubic feet

The EIA still expects output in 2013 to post a record high for a third straight year.