Natural gas trading range for the day is 157.8-164.8

* Natural gas trading range for the day is 157.8-164.8.

* Natural gas dropped on late profit booking after prices gained on forecasts for colder weather and higher heating demand

* Meteorologists projected temperatures in the U.S. Lower 48 states will remain colder than normal from Dec. 15-22

* Utilities likely pulled 82 billion cubic feet (bcf) of gas from storage during the week ended Dec. 6.

* Stocks would likely return to a surplus over the five-year average during the next month or so as rising production enables utilities to leave more gas in storage.

MCX Commodity Live Tips