Natural gas ended slightly higher supported by bargain-buying despite mild-weather forecasts. Gas remained within a narrow range but crept higher as traders took advantage of relatively low prices to buy back previously sold contracts.

Meanwhile, gas output levels remain high as producers tap into vast supplies of gas in U.S. shale-rock formations. The number of gas rigs this week was 926, an increase of 21 rigs from last week.

Natural Gas yesterday we have seen that market has moved 0.77%. Market has opened at 209.2 & made a low of 209.1 versus the day high of 210.7. The total volume for the day was at 1046 lots and the open interest was at 12788.

Now support for the Natural Gas is seen at 209.5 and below could see a test of 208.5. Resistance is now likely to be seen at 211.1, a move above could see prices testing 211.7.

Trading Ideas:

Natural Gas trading range is 208.5-211.7.

Natural gas dropped yesterday as supply surplus widens

Now resistance is at 210.20 above this a rally till 212-214 can be seen.

The U.S. EIA reported a pull from gas storage of 116 billion cubic feet for the week

BUY NAT.GAS MAR ABV 213 SL 210.40 TGT 215-216.80-218.MCX

Courtesy: Kedia Commodities

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