Natural Gas Futures Steady Ahead of EIA Storage Report

Natural gas futures are experiencing mixed trading as the market anticipates the U.S. Energy Information Administration's (EIA) upcoming storage report, which is expected to show a second consecutive weekly inventory build. Despite a recent bearish inventory report indicating a 37 Bcf net build, analysts are struggling to accurately gauge the market's fundamental balances. The Nymex April contract saw a slight increase to $3.864/MMbtu, while the May contract remained nearly unchanged at $3.871/MMbtu. Meanwhile, European natural gas prices have edged higher following indications from Russia about lengthy repairs needed at a key gas metering station, which could impact supply during the summer injection season. In Turkey, spot market trade volume has significantly decreased, reflecting broader market fluctuations. Overall, the natural gas market is navigating through a complex landscape of supply and demand uncertainties.