Natural gas futures saw modest gains in early trading Friday as the market continued to mull a surplus-shrinking result from the latest round of government inventory data. The April Nymex contract was up 2.9 cents to $2.183/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The Energy Information Administration (EIA) on Thursday reported a 72 Bcf withdrawal from U.S. natural gas storage facilities during the week ending March 17, slightly lighter than pre-report expectations.

The pull was tighter versus the five-year average 45 Bcf withdrawal and reduced the year-on-five-year storage surplus to 351 Bcf, or plus-22.7%, EIA data show.

Based on the latest EIA print, Wood Mackenzie analysts estimated the market was loose versus the five-year average by around 2.4 Bcf/d when compared to degree days...