Facing bearish headwinds from mild weather, weak physical market pricing and stubbornly elevated storage inventories, natural gas futures were retreating through midday trading Wednesday. 

Here’s the latest:

  • June Nymex futures off 5.6 cents to $1.935/MMBtu as of 2:10 p.m. ET
  • Market expectations coalescing around a slightly lighter-than-average injection Thursday

This week’s U.S. Energy Information Administration (EIA) storage report will show a 56 Bcf injection for the period ending April 29, according to the median of a Reuters survey. The five-year average for the period is a 72 Bcf injection. 

According to Gelber & Associates analysts, “The supply/demand balance tightened over the week in question, as increases in Canadian imports and total production were more...