Amid estimates showing production declines, natural gas futures rallied ahead of the latest government inventory data even as the market braced for a larger-than-average weekly storage injection. The August Nymex contract was up 21.3 cents to $5.723/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Estimates ahead of the latest Energy Information Administration (EIA) storage report, scheduled for 10:30 a.m. ET, show expectations clustering around an injection in the mid-70s Bcf for the week ended July 1. A print in line with estimates would easily exceed the five-year average 60 Bcf build. 

A Reuters survey produced injection estimates that spanned 68 Bcf to 84 Bcf, with a median of 75 Bcf. Estimates submitted to Bloomberg as of Wednesday showed a median injection estimate of 75 Bcf. Predictions...