Natural gas yesterday traded with the positive node and settled 0.46% up at 195.7 advanced for the first time in three days, after forecasts of below average early-spring weather and a possible snow storm boosted demand expectations for the heating fuel.
Earlier in the day, the Commodity Weather Group said that it expected colder-than-normal temperatures in the U.S. Midwest and Northeast from April 8 to April 12.
Meanwhile, the U.S. National Weather Service said that a storm could bring up to 12 inches of snow to parts of New York, New Jersey and New England by the week’s end. Colder-than-normal temperatures increase the need for gas-fired electricity to heat homes, boosting demand for natural gas.
For today's session market is looking to take support at 192.8, a break below could see a test of 189.8 and where as resistance is now likely to be seen at 198, a move above could see prices testing 200.2.
Trading Ideas:
Natural Gas trading range is 189.8-200.2.
Natural gas advanced after forecasts of below average early-spring weather
Natural gas looks to test support at 192.80 and resistance is seen at 198.
Today natural gas storage: EXP: -2B PREV: -6b
