Natural Gas Bull UninspiredOptions Xpressupdated Feb 12, 2013TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.Tuesday, February 12, 2013 Natural Gas prices remain at the low end of their trading range, as cold weather across much of the country has failed to bring fresh buying activity. Rumors of new wells popping up across the Marcellus shale area have resulted in potential buyers sitting on their hands. Supplies remain a major problem for bulls. Technically, there is some hope for the bull camp if prices are able to climb above the 3.60 mark.Fundamentals Colder weather has failed to inspire Natural Gas bulls, as prices remain relatively flat. The market did not even flinch in the face of winter storm Memo, suggesting many traders believe the country is more than adequately supplied. Winter is winding down in the coming weeks and, if prices fail to rally, bulls are left hoping for a hot summer. Much of the country is expected to see below average temperatures over the next week or so. This could be seen as a last stand of sorts for the bull camp, as sellers have not yet come out in full force, given the fact that we are in winter and weather conditions are unpredictable. Production rose to a record this past November, as more Natural Gas was pumped from shale wells in the Northeast. The most recent EIA data shows inventory levels 15% above the five-year average at 2.684 trillion cubic feet.Technical Notes Turning to the chart, we see the March Natural Gas contract bouncing off support at the 3.20 level. The 3.20 mark can be seen as an important support level,and a failure to hold here could potentially result in significant price declines. On the upside, the market could gain some positive traction if prices are able to move above the 3.60 level, which may signal a double-bottom. The measure of the double-bottom would likely put prices at resistance at the 4.00 mark. Currently, the oscillators are giving neutral readings, with some slight bearish divergence between momentum and RSI. Rob Kurzatkowski, Senior Commodity AnalystEditorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.