Naturalgas settled up 1.11% at 246.9 as updated weather-forecasting models called for warm temperatures for a good portion of the U.S. in the coming week, which should maintain demand for air conditioning. Weather-forecasting models have called for above-normal temperatures to settle over the eastern U.S., though intensity of the forecasts has fluctuated at times. By Friday ahead of a holiday weekend in the U.S., investors edged the commodity up betting that while a strong heat wave is unlikely next week or after, neither are large early September cool snaps despite falling temperatures here and there. On Thursday, the U.S. Energy Information Administration reported that inventories rose 75 billion cubic feet to 2.63 trillion in the week ending Aug. 22, missing market calls for a build of 78 billion, which gave the commodity some support on Friday. Weather patterns have been more favorable recently, which have eased bearish headwinds. But the end of summer is upon us, and there is nothing in the weather data that suggests there will be a last gasp of intense summer heat, Natgasweather.com reported. There will still be times where 80s to near 90F pushes into northern U.S., such as into the Midwest and Northeast, but cooler Canadian weather systems will not make It easy for any significant heat to set up for any length of time.  Technically market is under fresh buying as market has witnessed gain in open interest by 4.2% to settled at 6431 while prices up 2.7 rupee, now Naturalgas is getting support at 244.8 and below same could see a test of 242.6 level, And resistance is now likely to be seen at 248.3, a move above could see prices testing 249.6.

Trading Ideas:

Naturalgas trading range for the day is 242.6-249.6.

Naturalgas gained as updated weather-forecasting models called for warm temperatures for a good portion of the U.S. in the coming week.

Tropical weather systems prompt evacuations of gas rigs, which disrupts supply and can hike prices.

The U.S. Energy Information Administration reported that inventories rose 75 billion cubic feet to 2.63 trillion.