Natural Gas yesterday traded with the positive node and settled 0.26% up at 151.80 holding on to gains after a report from the US EIA showed US gas supplies rose broadly in line with market expectations last week. The US EIA said in its weekly report that natural gas storage in the US in the week ended September 14 rose by 67bcf, just above market expectations for an increase of 64bcf. A bout of extreme heat across much of the US earlier in the summer helped boost natural gas prices above the key USD3.00-level in late-July. Prices rallied to a 2012 high of USD3.275 per million British thermal units on July 31. But futures have come under heavy selling pressure since the start of August, losing almost 12% after extended weather forecasts pointed to milder weather across most parts of the US 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. In yesterday's trading session natural gas has touched the low of 149.6 after opening at 151.3, and finally settled at 151.8. For today's session market is looking to take support at 149.8, a break below could see a test of 147.8 and where as resistance is now likely to be seen at 153.6, a move above could see prices testing 155.4.

Trading Ideas:

Nat.Gas trading range for the day is 147.8-155.4.

Natural gas remained firm holding on to gains after report from EIA showed U.S. gas supplies rose broadly in line with expectations

EIA said in its weekly report that natural gas storage in the U.S. rose by 67bcf just above market expectations

Total U.S. natural gas storage stood at 3.469 trillion cubic feet as of last week.