Natural gas futures were down slightly in early trading Thursday as the market awaited the latest round of government inventory data, expected to show a larger-than-average shoulder season build. The June Nymex contract was off 2.3 cents to $2.282/MMBtu at around 8:45 a.m. ET.

As the May contract plunged 19.0 cents in its final day of trading, the move lower also saw the June contract drop below a key support threshold, according to EBW Analytics Group.

“The June contract crossed below the technically significant 20-day moving average for the first time in two weeks, implying continued bearish pressure,” EBW analyst Eli Rubin said.

Meanwhile, surveys suggest the Energy Information Administration (EIA) will reveal an above-average injection in the mid-70s Bcf in its latest...