March natural gas prices traded fractionally higher during the early morning hours, shaking off outside market weakness. Some traders were encouraged by yesterday's upside action despite a weaker than expected EIA storage report. While there remain concerns about record high natural gas production in the US and record storage levels, reports that Chesapeake was making further production cuts due to historically low natural gas prices. The weekly natural gas storage report showed a draw of 78 bcf. Total storage stands at 2,888 bcf or 32.8% above the 5 year average. Over the last four weeks natural gas storage has declined 489 bcf.