Naturalgas settled up 0.74% at 270.50 rose for a fourth consecutive session in the line of expectation amid hopes that Thursday's inventory data will reveal a recent winter storm that froze much of the U. S. has taken its toll on supplies. A recent blast of frigid air sent temperatures falling dangerously low in recent days, and energy markets were betting Wednesday the weather system will reflect in Thursday's supply data. Early withdrawal estimates for this Thursday's storage data range from 250 billion cubic feet to 339 billion cubic feet. The five-year average change for the week is a decline of 159 billion cubic feet. The largest drop on record is a decrease of 285 billion cubic feet in the seven days ended Dec. 13, Energy Information Administration data show. Natural gas supplies fell by 157 billion cubic feet last week to hit 2.817 trillion cubic feet, approximately 16% below last year's unusually high level and nearly 10% below the five-year average for this time of year. Meanwhile, updated weather forecasting models continued to predict below-normal temperatures in the week ahead for much of the U. S., which also pressured prices higher. Forecasts originally called for moderating weather during the period. Bullish speculators are betting that the cool weather will increase demand for the heating fuel. The heating season from November through March is the peak demand period for U. S. gas consumption. Technically market is under fresh buying as market has witnessed gain in open interest by 7.32% to settled at 13422 while prices up 2 rupee, now Naturalgas is getting support at 267.8 and below same could see a test of 265.2 level, And resistance is now likely to be seen at 273, a move above could see prices testing 275.6.

Trading Ideas:

Naturalgas trading range for the day is 265.2-275.6.

Natural gas rose amid hopes that Thursday's inventory data will reveal a recent winter storm that froze much of the U. S. has taken its toll on supplies.

Meanwhile, updated weather forecasting models continued to predict below-normal temperatures in the week ahead

Today natural gas storage: EXP: -296B PREV: -157B. Actual is at 9.00PM