Natural gas continued its firm trend after data showed that natural gas supplies in storage in the U.S. fell more than expected last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 151 billion cubic feet in the week ended January 6, exceeding market expectations for a drop of 144 billion cubic feet. That compared with a withdrawal of 49 billion cubic feet in the preceding week, 168 billion a year earlier and a five-year average drop of 167 billion cubic feet. 

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Technically market is under short covering as market has witnessed drop in open interest by -4.58% to settled at 3230 while prices up 1.5 rupee, now Naturalgas is getting support at 229 and below same could see a test of 224.9 level, And resistance is now likely to be seen at 235.9, a move above could see prices testing 238.7.         

                           Trading Ideas

• Naturalgas trading range for the day is 224.9-238.7.

• Natural gas continued its firm trend after data showed that natural gas supplies in storage in the U.S. fell more than expected last week.

• US EIA said in its weekly report that natural gas storage in the U.S. declined by 151 billion cubic feet.