Natural gas on MCX settled down -0.29% at 209.40 fell in yesterday’s session continuing a small retreat from 2 1/2-month highs on mild weather may limit demand and the market’s ability to keep rallying. Natural gas prices appear to have found solid resistance at the 215.20 level, temperatures vs normal averaged over the next 7-days are expected to be warmer than normal over a majority of the US besides the West Coast/NW. This will result in limited demand for heating over the northern US, while only minor demand for cooling over the relatively warm southern US. A rather bearish map in terms of temperatures vs normal even as numerous weather systems traverse the country with rain and snow. They just aren’t very cold besides along the West Coast. While support had been seen as Hedge funds are more bullish about U.S. natural gas prices than at any time for almost three years, according to position records published by regulators and exchanges.

Trading Ideas:

Natural gas trading range for the day is 205.9-214.5.

Natural gas settled down marginally while continuing a small retreat from 2 1/2-month highs on mild weather may limit demand.

US NOAA temperatures are forecast to be above normal across most of the southern and eastern United States through the next month.

Hedge funds and other money managers had amassed a net long position equivalent to 3,280 billion cubic feet.

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