Natural Gas Updates

Natural gas yesterday traded with the positive node and settled 2.74% up at 215.4, soaring to a ten-month high after the US EIA said natural gas inventories rose less-than-expected last week. The US EIA said in its weekly report that natural gas storage in the U.S. in the week ended May 27 rose by 83 bcf, after increasing by 105 bcf in the preceding week. Supplies climbed by 88 bcf in the same week a year earlier.

The five-year average change for the week is an increase of 99 bcf. Total U.S. natural gas storage stood at 2.107 trillion cubic feet. Stocks were 237 billion cubic feet less than last year at this time and 42 billion cubic feet below the five-year average of 2.149 trillion cubic feet for this time of year.

In yesterday's trading session natural gas updates has touched the low of 208.5 after opening at 209, and finally settled at 215.4. For today's session market is looking to take support at 209.9, a break below could see a test of 204.3 and where as resistance is now likely to be seen at 219.6, a move above could see prices testing 223.7.

Trading Ideas:

Natural Gas trading range is 204.3-223.7.

Natural gas ended up sharply after natural gas inventories rose less-than-expected last week.

Natural gas looks to test support at 209.90 and resistance is seen at 219.60.

EIA said that natural gas storage in the week ended May 27 rose by 83 billion cubic feet.