Naturalgas settled down -3.35% at 233.40 dive on Thursday after data revealed U.S. stockpiles rose more 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 Sept. 5 rose by 92 billion cubic feet, well above expectations for an increase of 82 billion cubic feet, which sent prices tumbling. Inventories rose by 64 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 60 billion cubic feet. Injections of gas into storage have surpassed the five-year average for 21 consecutive weeks, alleviating concerns over tightening supplies. Total U.S. natural gas storage stood at 2.801 trillion cubic feet. Stocks were 443 billion cubic feet less than last year at this time and 463 billion cubic feet below the five-year average of 3.264 trillion cubic feet for this time of year. Meanwhile, updated weather forecasting models pointed to cooler-than-normal temperatures in some Northern Tier states along the Canadian border over the next two weeks. Still, temperatures cold enough to seriously boost demand for heating should remain far to the north, which also fueled Thursday's selloff. Technically market is under fresh selling as market has witnessed gain in open interest by 5.78% to settled at 6992 while prices down -8.1 rupee, now Naturalgas is getting support at 229.8 and below same could see a test of 226.3 level, And resistance is now likely to be seen at 239.6, a move above could see prices testing 245.9.

Trading Ideas:

Naturalgas trading range for the day is 226.3-245.9.

Natural Gas extended losses to settle down at 233.40 after data showed supplies rose more than expected last week.

The U.S. EIA said in its weekly report that natural gas storage in the U.S. in the week ended September 5 rose by 92bcf.

Meanwhile, updated weather forecasting models pointed to cooler-than-normal temperatures in some Northern Tier states.