Naturalgas on MCX settled up 1.45% at 251.3 with traders betting that winter cold is eating into a long-standing glut. Heating demand could be on the rise again in January as weather updates suggest a stretch of above-normal temperatures could end soon. 

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It was the biggest withdrawal for the week since 2010. That compared with a decline of 147 billion cubic feet in the preceding week, 32 billion a year earlier and a five-year average drop of 101 billion cubic feet. Total natural gas in storage currently stands at 3.597 trillion cubic feet, according to the U.S. 

Natural gas imports from Canada rose 20% to 6.7 Bcf per day from December 15–21, 2016. Imports from Canada were 5.6 Bcf per day during the same period in 2015. 

Technically market is under fresh buying as market has witnessed gain in open interest by 14.09% to settled at 5854, now Naturalgas is getting support at 248.3 and below same could see a test of 245.2 level, And resistance is now likely to be seen at 253.2, a move above could see prices testing 255.