Natural gas futures tested the $3/MMBtu level for the front month in early trading Friday as the market continued to mull evidence of oversupply in the latest government inventory data.

NGI Morning Natural Gas Price & Markets Coverage

The December Nymex contract was off 5.4 cents to $3.008 at around 8:41 a.m. ET. January was off 5.6 cents to $3.183.

The U.S. Energy Information Administration (EIA) on Thursday reported two weeks of natural gas storage statistics, including a 6 Bcf withdrawal for the week ending Nov. 3. 

However, a reported 60 Bcf injection for the week ending Nov. 10 — a significant bearish miss versus expectations — seemed to garner much of the market’s attention. Futures sold off sharply after the latest storage data landed, with the front month ultimately tumbling 12.8 cents Thursday.