Naturalgas settled down -1.03% at 249.1 after official 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 ending July 4 rose by 93 billion cubic feet, above expectations for an increase of 92 billion cubic feet.

The five-year average change for the week is an increase of 72 billion cubic feet. Total U. S. natural gas storage stood at 2.022 trillion cubic feet. Stocks were 653 billion cubic feet less than last year at this time and 769 billion cubic feet below the five-year average of 2.791 trillion cubic feet for this time of year. Meanwhile, updated weather-forecasting models called for cooler temperatures stick around parts of the heavily-populated Midwest and Northeast regions over the next five days.

Below-normal temperatures send natural gas prices falling this time of year by fueling expectations for households to throttle back on their air conditioning. In its July 9-15 forecast, Natgasweather. com reported that a Canadian weather system will bring showers, thunderstorms and cooler temperatures to the Midwest and New England in the coming days, while hot temperatures will prevail over the southern and western U. S. Technically market is under fresh selling as market has witnessed gain in open interest by 8.23% to settled at 8728 while prices down -2.6 rupee, now Naturalgas is getting support at 247.1 and below same could see a test of 245.2 level, And resistance is now likely to be seen at 252.2, a move above could see prices testing 255.4.

Trading Ideas:

Naturalgas trading range for the day is 245.2-255.4.

Naturalgas settled down after official 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 rose by 93 billion cubic feet

The five-year average change for the week is an increase of 72 billion cubic feet.