Naturalgas on MCX settled up 0.93% at 207 regaining strength as traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels. Weather systems will track across the country the next several days with rain, snow, and thunderstorms, but with limited cold air as they play out spring-like, according to forecasters at NatGasWeather.com. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand. The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 43 and 54 billion cubic feet in the week ended March 24. That compares with a withdrawal of 150 billion cubic feet in the preceding week, a decline of 25 billion a year earlier and a five-year average drop of 27 billion cubic feet. Total natural gas in storage currently stands at 2.092 trillion cubic feet, according to the U.S. Energy Information Administration, 16% lower than levels at this time a year ago but 12.7% above the five-year average for this time of year. Technically market is under fresh buying as market has witnessed gain in open interest by 113.69% to settled at 7289 while prices up 1.9 rupees, now Naturalgas is getting support at 203.1 and below same could see a test of 199.3 level, And resistance is now likely to be seen at 209.2, a move above could see prices testing 211.5.

Trading Ideas:

# Naturalgas trading range for the day is 199.3-211.5.

# Natural gas edged higher regaining strength as traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels.

# Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand.

# Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 43 and 54 bcf.