As traders looked ahead to the release of updated government inventory data that could influence where prices move next, natural gas futures hovered close to even in early trading Thursday. The June Nymex contract was down 0.6 cents to $2.958/MMbtu at around 8:45 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Following Wednesday’s 4.8-cent sell-off, the June contract could continue to lose ground in Thursday’s session, according to analysts at EBW Analytics Group.

“From a technical standpoint, the June contract is likely to come under pressure again today — especially given yesterday’s weakness in the cash market,” the EBW analysts said. 

The latest storage report from the U.S. Energy Information Administration (EIA) could have a “major impact” on where prices head next, according to the...