Commodity Trading Tips for Natural Gas by KediaCommodity

Natural GasNatural gas fell as forecasts showed cooler weather in the U.S. Midwest, reducing demand for the power-plant fuel. Gas supplies rose 89 billion cubic feet to 3.201 trillion in the week ended Sept. 16, above the five-year average gain of 72 billion, an Energy Department report showed. A shortfall to five-year average inventory levels narrowed to 1.1 percent from 1.6 percent the previous week, according to the report. The number of U.S. gas drilling rigs was unchanged this week at 912, according to Houston-based Baker Hughes Inc. In the Atlantic, Tropical Storm Ophelia, the 15th named system of the season, was about 635 miles east-southeast of the Leeward Islands, according to the National Hurricane Center. In yesterday's trading session natural gas has touched the low of 182.4 after opening at 184, and finally settled at 183. For today's session market is looking to take support at 182.3, a break below could see a test of 181.5 and where as resistance is now likely to be seen at 183.9, a move above could see prices testing 184.7.

Trading Ideas:

Natural Gas trading range is 181.5-184.7.

Natural gas fell as forecasts showed cooler weather in the U.S. Midwest, reducing demand

A shortfall to five-year average inventory levels narrowed to 1.1 percent from 1.6% the previous week

The number of U.S. gas drilling rigs was unchanged this week at 912