Natural gas futures pared losses ahead of the latest round of government inventory data early Thursday as strong liquefied natural gas (LNG) takeaway continued to lend support to prices. Coming off a 36.1-cent sell-off in the previous session, the December Nymex contract was up 17.7 cents to $4.993/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Analysts at EBW Analytics Group pointed to technical momentum and evidence of strong LNG export levels as key factors contributing to early gains for futures.

“Support for the 100-day moving average held on a closing basis, and early-cycle LNG nominations rose to match a new high just under 12.0 Bcf/d to prompt a rebound into this morning’s trading,” the EBW analysts said. “During the first three days of this week, the front-month contract has now...