As the market continued to mull the balance implications of the latest government inventory data in the context of broader supply adequacy concerns, natural gas futures advanced early Friday. The June Nymex contract was up 11.9 cents to $7.858/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The Energy Information Administration (EIA) on Thursday reported a 76 Bcf injection into U.S. natural gas stockpiles during the week ended May 6, a somewhat leaner print versus predictions. EIA recorded a 70 Bcf build in the year-earlier period, and the five-year average is an 82 Bcf injection.

Total Lower 48 working gas in underground storage stood at 1,643 Bcf as of May 6, 312 Bcf (minus 16.0%) below five-year average levels, according to EIA.

“Compared to degree days and normal seasonality, this...