Preserving most of the gains recorded in the previous session, natural gas futures hovered slightly below even early Friday as analysts continued to examine the balance implications of the latest government inventory report. 

NGI Morning Natural Gas Price & Markets Coverage

The April Nymex contract was down 1.5 cents to $2.555/MMBtu at around 8:50 a.m. ET. May was off 0.9 cents to $2.607.

The U.S. Energy Information Administration (EIA) reported a 36 Bcf withdrawal from Lower 48 gas stocks for the week ended March 19, a print that was on the bullish side of predictions. Inventories ended the period at 1,746 Bcf, versus the year-earlier level of 2,009 Bcf and the five-year average of 1,824 Bcf.

Analysts at Tudor, Pickering, Holt & Co. (TPH) said the latest EIA print could mark the end of the withdrawal season. Their...