U.S. Natural gas (NG) prices rose on Wednesday ahead of inventories data.
Indian NG prices also ended stronger on Wednesday, tracking overseas prices.
According to survey provider Estimize, expectations are for a 14 Bcf draw in stockpiles.
The weather is expected to be normal during the next 6-10 and 8-14 days, with warm on both Coasts and capped upside.
Moreover, total U.S. consumption of natural gas fell by 18.6% compared to previous week.
Weather for March 30-April 4: NatGasWeather.com: A spring storm will bring showers and thunderstorms from the South to the Great Lakes, including locally as snow near the Canadian border.
Temperatures behind the cool front will be in the upper-30s to 50s, while warm out ahead of it over the East w/highs of 60s to 80s besides cooler 50s New England.
The West will be mild to warm w/highs of 50s to 80s, warmest Southwest. A slightly cool weather system w/rain and snow will track across the Midwest and Northeast this weekend w/lows of 10 and 30s for a minor bump in demand.
U.S. NG prices have started weaker this early Thursday morning in Asian trade ahead of the inventory report tonight.
Technically, if NG May contract trade below $5.500 level, it could witness a bearish momentum up to the support zone at $5.375-$5.145. However, a trade above could push the prices to the resistance zone at $5.730-$5.855.
Domestic NG prices could start weaker this Thursday morning tracking a negative start in the overseas prices.
Technically, if MCX NG April contract trades below 416.00 level, it could witness a bearish momentum up to the support zone at 406.95-390.25. However, a trade above could push the prices to the resistance zone at 432.65-441.65.