Natural gas slid pressured by abundant supplies after government data showed an average-size withdrawal from inventories of the fuel last week.

The EIA reported a draw from storage of 111 billion cubic feet for the week ended March 5, matching last year's draw for that week and just above the five-year-average pull, which was 109 bcf. Natural Gas yesterday we have seen that market has moved -0.78%.

Market has opened at 206 & made a low of 202 versus the day high of 209.9. The total volume for the day was at 29491 lots and the open interest was at 13882.Now support for the Natural Gas is seen at 200.2 and below could see a test of 197.1.

Resistance is now likely to be seen at 208.1, a move above could see prices testing 212.9.

Trading Ideas:

Natural Gas trading range is 197.1-212.9.

Natural gas futures slid pressured by abundant supplies after an average-size withdrawal

Now resistance is at 205.60 above this a rally till 207-210 can be seen.

The EIA reported a draw from storage of 111 billion cubic feet for the week ended March 5

BUY NAT.GAS MAR ABV 205.20 SL 202.80 TGT 206.80-209-212.MCX

Courtesy: Kedia Commodities

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