Natural gas futures reversed lower in early trading Friday as analysts mulled updated inventory data and as overnight weather modeling dialed back the extent of lingering late-winter cold. After brushing up against the $5/MMBtu mark Thursday, the April Nymex contract was down 8.1 cents to $4.909/MMBtu at around 8:40 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The Energy Information Administration (EIA) on Thursday reported a net 79 Bcf withdrawal from U.S. natural gas stocks during the week ended March 11. That left inventories at 1,440 Bcf for the period, 304 Bcf (17.4%) below the five-year average of 1,744 Bcf.

“The weather-normalized injection signals loosening trends in the gas markets,” Enverus analyst Krishna Sapkota said of the latest EIA print. “…The weather-adjusted injections loosened up...