Natural gas yesterday traded with the negative node and settled -0.45% down at 201.7 as some mild profit taking emerged and as traders looked past the heat wave that has supported demand for the fuel in the past week. Temperatures have a chance to head back toward normal in the Midwest and East in the next six to 10 days, MDA EarthSat Weather said. Natural gas traders closely watch the rig count to gauge supply growth. The rig count has dropped sharply from a recent peak of 992 last August, but the current level of activity is still widely expected to lead to further production gains. In yesterday's trading session natural gas has touched the low of 200.9 after opening at 203.1, and finally settled at 201.7. For today's session market is looking to take support at 200.4, a break below could see a test of 199.1 and where as resistance is now likely to be seen at 203.5, a move above could see prices testing 205.3.

Trading Ideas:

Natural Gas trading range is 199.1-205.3.

Natural gas ended weak on profit booking despite hot weather forecasts

Market's advances remained limited by ample supplies

Tropical Storm Bret isn't seen as a threat to production