March natural gas prices were sharply higher during the early morning hours and have broken out to their best level since January 30. Part of the positive price action comes in the wake of yesterday's EIA natural gas storage report that showed a draw that was a little larger than anticipated of 127 bcf. This brought total storage to 2,761 bcf or an extremely wide 38.3% above the 5 year average. Over the last four weeks natural gas storage has declined 529 bcf. It might be difficult for the natural gas market to continue to drive higher in the face of an oversupplied market. However, the recent technical action leaves the market focused on $2.844 resistance.