Natural gas finished lower driven by profit-taking and revised weather forecasts pointing to cooler temperatures in the central U.S. The U.S. Energy Information Administration forecasted in its Short-Term Energy Outlook on Tuesday that 166 billion cubic feet of gas production would be lost this year as a result of storm activity, compared with 19 bcf last year. Natural Gas yesterday we have seen that market has moved -1.18%. Market has opened at 230.9 & made a low of 223.7 versus the day high of 234.7. The total volume for the day was at 34326 lots and the open interest was at 5063.Now support for the Natural Gas is seen at 221.8 and below could see a test of 217.3. Resistance is now likely to be seen at 232.8, a move above could see prices testing 239.3.

Trading Ideas:

Natural Gas trading range is 217.3-239.3.

Natural gas finished lower driven by profit-taking and revised weather forecasts

Natural gas is taking support at 224.80 below this looks till 222-220 level

EIA forecasted in Short-Term Energy Outlook that 166bcf of gas production would be lost

SELL NAT.GAS JUNE @ 226 SL 229.50 TGT 224.20-220.80-218.MCX