Natural gas futures were trading modestly higher early Wednesday, bolstered by supportive fundamental factors; however, upside was seen as limited amid sizable storage builds expected in the weeks ahead.

NGI Morning Natural Gas Price & Markets Coverage

The June Nymex contract was up 1.1 cents to $2.387/MMBtu at around 8:45 a.m. ET.

Tuesday’s $2.470 intraday high may turn out to be a “short-term top” for the June contract, even as the front month advanced in early trading, according to EBW Analytics Group analyst Eli Rubin.

A number of factors were supporting higher prices heading into Wednesday’s session, including warmer forecast trends, weak wind generation in the Electric Reliability Council of Texas (ERCOT) territory, declining production and technical support, according to the analyst.

“LNG feed gas demand...