Natural gas drops on global cues

Natural Gas yesterday we have seen that market has moved -0.8% as forecasts showed warmer-than-normal weather in the last week of April, reducing demand for the heating fuel.
About 52 percent of U.S. households use natural gas for heating, according to the Energy Department. The stockpile increase matched the five-year average gain for the week, leaving the storage surplus unchanged from the previous week at 0.6 percent. A deficit to year-earlier supplies widened to 7.9 percent from 5.2 percent.
The number of gas drilling rigs in the U.S. fell 4 to 885 this week. Market has opened at 188.3 & made a low of 186 versus the day high of 188.7. The total volume for the day was at 20683 lots and the open interest was at 11091.
Now support for the Natural Gas is seen at 186.1 and below could see a test of 184.7. Resistance is now likely to be seen at 188.8, a move above could see prices testing 190.1.
Trading Ideas:
Natural Gas trading range is 184.7-190.1.
Natural gas slipped as forecasts showed warmer-than-normal weather reduced demand
Natural gas looks to test support at 186.10 and resistance is seen at 188.80.
The number of gas drilling rigs in the U.S. fell 4 to 885 this week
Courtesy: Kedia Commodities
(Source: http://www.commodityonline.com/futures-trading/tradingtips/Natural-gas-drops-on-global-cues-12555.html)