Working GAS

Natural gas futures are holding just above the 50-day moving average after an early test of the $3.00 area. Mild national weather, strong production and a storage cushion continue to limit buyer control despite pockets of heat and early-season chill.

Natural gas futures advanced after a smaller-than-expected EIA storage injection pointed to stronger demand from power burn and LNG feedgas. The market remains well supplied, but traders are responding to signs that the surplus is narrowing during a key summer period.