Natural gas futures pulled back slightly in early trading Thursday as traders awaited the latest government inventory data, although analysts saw potential for an advance to the $4 mark in the near future. The August Nymex contract was off 2.9 cents to $3.930/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

For the latest weekly Energy Information Administration (EIA) storage report, scheduled for release at 10:30 a.m. ET, major surveys have been foreshadowing a net injection into Lower 48 gas stocks in the mid-40s Bcf.

Reuters’ poll of analysts produced estimates spanning builds of 30 Bcf to 60 Bcf, with a median injection of 45 Bcf. A Bloomberg poll landed at a median injection of 43 Bcf, with estimates ranging from 30 Bcf to 48 Bcf.

NGI’s model predicted a 30 Bcf injection for the...