Naturalgas settled up 2.61% at 224.50 after updated weather forecasting models intensified their calls for a warming trend across parts of the US. Weather services reiterated forecasts for a warming trend across much of the US, with some calling for above-normal temperatures across much of the heavily populated Midwest, while parts of the eastern US will see seasonably warm mercury readings as well as pockets seeing above-normal readings. Demand for natural gas tends to rise at the country's thermal power plants when temperatures climb, as homes and businesses throttle up their air conditioners. Meanwhile, markets began to look ahead to weekly supply data. Total US natural gas storage stood at 3.006 trillion cubic feet in the week ending Aug. 9, 1.5% above the five-year average. Early injection estimates for this week's storage data range from 71 billion cubic feet to 76 billion cubic feet, compared to a 43 billion cubic feet increase during the same week a year earlier. The five-year average for the week is a build of 56 billion cubic feet. Traders will eye on today inventory which will give more clues to the market. Technically market is under fresh buying as market has witnessed gain in open interest by 26.05% to settled at 6151 while prices up 5.7 rupee, now Naturalgas is getting support at 218.7 and below same could see a test of
212.8 level, And resistance is now likely to be seen at 228, a move above could see prices testing 231.4.

Trading Ideas:

Naturalgas trading range for the day is 212.8-231.4.

Natural gas rose as traders continued to focus on near-term weather forecasts to gauge the strength of demand for the fuel.

Updated weather forecasting models pointed to warmer-than-normal temperatures across most parts of the U. S. for late August.

Today natiral gas storage: EXP: 68B PREV: 65B. Actual is at 8.00PM