Natural Gas yesterday traded with the positive node and settled 1.81% up at 168.80 pushing higher on weather and in anticipation of Thursday’s data. In yesterday's session natural gas opened at 166 and dropped to the day's low of 163.4 after investors cashed out of the market to lock in gains from a rally that took prices to an five-week high earlier in the day but recover latter to settled at 168.80. Trader continued to focus on updated weather forecasts to gauge the strength of early-Autumn cooling demand as well as Thursday’s closely watched US government report on natural gas supplies. Meanwhile, the US NWS’s 6-10day outlook issued on Tuesday called for below-normal temperatures for most of the mid-Continent and above-normal readings along both coasts. Natural gas demand typically rises in the summer as air-conditioning use boosts utility demand, then sinks in the fall as demand weakens ahead of the peak winter heating season. Despite the strong two-day gain, natural gas futures were likely to come under pressure in the near-term amid ongoing concerns over bloated US inventory levels. For today's session market is looking to take support at 165, a break below could see a test of 161.3 and where as resistance is now likely to be seen at 170.9, a move above could see prices testing 173.1.

Trading Ideas:

Nat.Gas trading range for the day is 161.27-173.07.

Natural gas ended with gains on weather and in anticipation of Today’s data.

Market players continued to focus on updated weather forecasts to gauge the strength of early-Autumn cooling demand

Today natural gas storage: EXP: 26B PREV: 28B. Actual is at 8.00PM