Naturalgas settled down -0.16% at 242.90 slightly lower after updated weather-forecasting models called for showers and thunderstorms to offset a heat wave trekking across the U. S., which should crimp demand for air conditioning. While seasonably warm and even above-normal temperatures are present across the heavily populated eastern half of the country, showers and thunderstorms are expected to pop up and cool down temperatures at times, which sent natural gas prices edging lower. "Weather systems sweeping through the Midwest and eastern U. S. this week will bring showers, thunderstorms, and cooler-than-normal temperatures as highs only warm into the 70s and lower 80s. Several degrees of cooling is also expected to push deep into the high cooling demand states of the Southeast, where many areas will see 80s instead of 90s," Natgasweather. com reported in its Aug. 11-17 daily weather forecast earlier. Lastweek Natural gas prices rose sharply on Thursday, as U. S. EIA reported that natural gas inventories in the U. S. advanced by 88 billion cubic feet, missing the analyst estimate of 93 billion cubic feet. In addition, the EIA said that natural gas stocks have fallen below their five-year average. However, the commodity's price fell on Friday to $3.79, snapping part of the gains and sending the commodity for a 0.3% weekly gain, as colder than usual weather conditions prompted households to cut back on the air conditioning. Technically market is under fresh selling as market has witnessed gain in open interest by 0.9% to settled at 8337 while prices down -0.4 rupee, now Naturalgas is getting support at 240.1 and below same could see a test of 237.4 level, And resistance is now likely to be seen at 246.1, a move above could see prices testing 249.40.

Trading Ideas:

Naturalgas trading range for the day is 237.4-249.4.

Natural gas dropped on after updated weather-forecasting models called for showers and thunderstorms to offset a heat wave trekking across U. S

Still, inventories rose by 90 bcf in the same week a year earlier, while the five-year average change is a build of 49 bcf

Injections of gas into storage have surpassed the five-year average for 16 consecutive weeks, alleviating concerns over tightening supplies.