Benefiting from technical momentum and easing production volumes, natural gas futures advanced in early trading Wednesday, though bearish weather headwinds remained.

NGI Morning Natural Gas Price & Markets Coverage

The April Nymex contract was up 5.0 cents to $1.858/MMBtu as of 8:42 a.m. ET. May was up 4.7 cents to $2.012.

April enters its first day as the new prompt month with an opportunity to build on recent gains in the short term. However, downward price pressures could endure for a market poised to carry a large storage cushion into the injection season, according to EBW Analytics Group analyst Eli Rubin.

“Technical momentum for April is bullish, and a test of resistance at the 20-day moving average of $1.856 is probable,” Rubin said. “Production is ebbing. Rising surpluses and a need for low prices to sustain...