Naturalgas settled down -0.34% at 237.8 carring Thursday's losses into Friday after data revealed that U. S. natural gas supplies rose more than expected last week. The U. S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U. S. in the week ended July 11 rose by 107 billion cubic feet, well above market expectations for an increase of 98 billion cubic feet. The five-year average change for the week is an increase of 65 billion cubic feet.

Total U. S. natural gas storage stood at 2.129 trillion cubic feet. Stocks were 608 billion cubic feet less than last year at this time and 727 billion cubic feet below the five-year average of 2.856 trillion cubic feet for this time of year. Natural gas prices have come under pressure in recent sessions after cooler temperatures moved over heavily-populated Midwest and Northeast regions. Cool snaps in the U. S. summertime send natural gas prices falling on concerns households will throttle back on their air conditioning and curb demand for the commodity.

A mild summer in the nation's biggest gas-consuming regions has eased concerns about supplies. Worries flared up last winter, when extremely low temperatures translated into record demand for the heating fuel. This summer, unseasonably cool weather across swaths of the U. S. has damped the use of power-thirsty air conditioners, limiting the use of natural gas in generating electricity. Technically market is under long liquidation as market has witnessed drop in open interest by
-9.95% to settled at 9500 while prices down -0.8 rupee, now Naturalgas is getting support at 236.1 and below same could see a test of 234.4 level, And resistance is now likely to be seen at 240, a move above could see prices testing 242.2.

Trading Ideas:

Naturalgas trading range for the day is 234.4-242.2.

Natural gas dropped carring Thursday's losses after data revealed that U. S. natural gas supplies rose more than expected last week.

A mild summer in the nation's biggest gas-consuming regions has eased concerns about supplies.

Natural-gas stockpiles tend to grow quickly in spring after heating demand fades and hot weather has yet to kick in.