On a run of dramatic moves higher recently, natural gas futures posted more modest gains early Thursday as the market awaited potential price impacts from the latest round of government inventory data. The June Nymex contract was up 11.3 cents to $8.528/MMBtu at around 8:45 a.m. ET.

Predictions ahead of the latest Energy Information Administration (EIA) report, scheduled for 10:30 a.m. ET, have been pointing to a lighter-than-average build for the week ended April 29. This could potentially widen the current deficit to the five-year average, which stood at 305 Bcf as of April 22. 

Surveys found estimates coalescing around a mid- to high 60s Bcf increase for the week. That compares with a five-year average injection of 78 Bcf. A print in line with estimates would exceed the 53...