Natural gas falls on sluggish demand

Natural gas continued their slide as strong production is expected to overwhelm tepid spring demand.
Temperatures are expected to trend warmer than normal through much of the eastern two-thirds of the U.S. into early next week with mostly average seasonal weather thereafter, likely leaving little demand for heating or cooling.
With the arrival of spring's dip in weather-driven gas needs, the market has turned its attention to the robust North American production that is widely expected to quickly replenish U.S. inventories.
The number of rigs drilling for natural gas in the U.S. fell by two this week to 889, the first decline in three weeks.
Natural Gas yesterday we have seen that market has moved -0.67%. Market has opened at 178.9 & made a low of 176.4 versus the day high of 179. The total volume for the day was at 2127 lots and the open interest was at 15646.
Now support for the Natural Gas is seen at 176.5 and below could see a test of 175.2. Resistance is now likely to be seen at 179.1, a move above could see prices testing 180.4.
Trading Ideas:
Natural Gas trading range is 175.2-180.4.
Natural gas continued their slide as strong production is expected to overwhelm tepid spring demand
Natural gas looks to test support at 176.50 and resistance is seen at 179.10.
The number of rigs drilling for natural gas in the U.S. fell by two this week to 889, the first decline in three weeks.
Courtesy: Kedia Commodities

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Natural-gas-falls-on-sluggish-demand-12461.html)