As traders and analysts continued to work out the balance implications of a leaner-than-expected injection in the latest government inventory report, natural gas futures hovered close to even early Friday.

NGI Morning Natural Gas Price & Markets Coverage

Holding on to the previous session’s 5.7-cent gain, the May Nymex contract was trading 0.6 cents higher at $2.755/MMBtu at around 8:45 a.m. ET.

The Energy Information Administration (EIA) on Thursday reported 38 Bcf injection into U.S. natural gas stocks for the week ending April 16, a print that came in on the low side of estimates ranging from 39 Bcf to 56 Bcf. The reported 38 Bcf injection compares with a 68 Bcf build in the year-ago period and a 26 Bcf five-year average injection.

The bullish miss from EIA is “underpinned by a broader improving gas macro,”...