What remains of the official natural gas inventory withdrawal season could be limited by the possible net injection into natural gas stocks for the week of March 8. Amid already swollen natural gas supplies, an early injection, although not unprecedented, could send natural gas prices reeling.

In its upcoming storage report, the U.S. Energy Information Administration (EIA) is expected to outline a potential build to stocks. Outlooks from Reuters portend from a 16 Bcf withdrawal to a 6 Bcf injection. NGI has modeled a 3 Bcf pull, which compares with a draw of 58 Bcf for the same time last year and a five-year average draw of 88 Bcf.

“If the storage build pans out in [Thursday’s] report, it would be the first natural gas storage build of the year, and the first time natural...