Naturalgas on MCX settled down -0.49% at 183.20 ended lower on Thursday, posting losses after the US Energy Information Administration reported a 64 billion cubic feet injection of natural gas supplies into storage in the week ended July 8, above the 60 billion cubic feet expected by market player. 

 That is leading many to bet the amount of gas in storage will fall below levels from a year ago before the winter. While storage levels were still 19% above levels from a year ago and 22% above the five-year average, rising to 3.2 trillion cubic feet as of July 8, EIA said. Many still expect storage levels to rise to 4 trillion cubic feet by the start of the winter and challenge the record highs that will keep putting pressure on prices.

Many are waiting to see if hot weather pans or, or if hotter weather arrives to drive the demand for gas-fired power to run air conditioners that bullish gas traders are looking for. Technically market is getting support at 181.1 and below same could see a test of 178.9 level, And resistance is now likely to be seen at 185.5, a move above could see prices testing 187.7. 

                        Trading Ideas 

• Naturalgas trading range for the day is 178.9-187.7.        

• Natural gas prices inched lower by -0.49% to settle at 183.20 after government data showed US stockpiles grew.           

• EIA said natural-gas inventories grew by 64bcf last week, compared to the 56 bcf.