Naturalgas on weekly basis prices has gained by 9.33% as more support seen after a weekly U. S. supply report revealed cold winter weather has taken its toll on the country's stockpiles.

·A series of powerful winter storms have prompted homes and business to ramp up on their heating, thus hiking demand for natural gas at the country's thermal power plants, weekly supply data released earlier revealed.

·The U. S. EIA said in its weekly report that natural gas storage in the U. S. in the week ended Feb. 7 fell by 237bcf, outpacing already bullish expectations for a decline of 233bcf.

·The five-year average change for the week is a decline of 162bcf.

·Total U. S. natural gas storage stood at 1.686tcf. Stocks were 863bcf less than last year at this time and 631bcf below the five-year average of 2.317tcf for this time of year.

·The report showed that in the East Region, stocks were 315bcf below the five-year average, following net withdrawals of 106bcf. Stocks in the Producing Region were 232bcf below the five-year average of 845bcf after a net withdrawal of 89bcf.

·Meanwhile, freezing temperatures and heavy snow were expected across parts of the eastern U. S., which added to the rally.

·Bullish speculators are betting that the winter storm will increase demand for the heating fuel.

OUTLOOK: Natural gas prices rallied nearly +9.33% driven by a prolonged stretch of frigid weather throughout North America. Natural-gas inventories have fallen sharply since November as frigid winter temperatures in the U. S. led households to burn a higher than normal amount of the fuel in furnaces to heat their homes. Gains are likely to continuous for next week as support seen after the government report yesterday showed inventories tumbled by 237 billion cubic feet to 1.686 trillion cubic feet in the week ended Feb. 7, the biggest February drop since 2007. Also winter storm brought snow, sleet and ice to the East Coast after cutting power to more than half a million customers from Arkansas to New Jersey. Technically prices look firm to test 345 level and sustained above same can see levels near to 374 level while support is at 304 level.