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Undeterred by the prospect of a hefty triple-digit build in the latest round of government inventory data, natural gas futures rode their recent upward momentum to early gains Thursday. 

With prices still hovering between key technical inflection points as traders size up winter supply risks, natural gas futures reversed lower in early trading Friday. 

Natural gas futures rebounded in early trading Thursday as traders awaited the latest government inventory data, expected to show a lighter-than-average summer injection into Lower 48 stockpiles. 

Natural gas futures pared some of their losses in early trading Wednesday as traders were left to contemplate August forecasts that advertised less intense summer heat. 

Natural gas futures retreated in early trading Wednesday as analysts predicted more volatility heading into the prompt month expiration. The August Nymex contract, set to roll off the board Wednesday, was down 24.3 cents to $8.750/MMBtu at around 8:45 a.m. ET.

Coming off a furious rally in the previous session, natural gas futures pared their gains early Thursday as traders awaited the latest round of government inventory data for more insights into how sweltering temperatures have impacted balances. 

Shrugging off weaker numbers in updated production estimates, natural gas futures pared their gains in early trading Tuesday as sweltering forecasts cooled somewhat. 

Continued expectations for widespread sweltering temperatures based on the latest forecasts had natural gas futures surging higher in early trading Monday, extending gains from late last week. After posting a 41.6-cent gain in Friday’s session, the August Nymex contract was up 23.4 cents to $7.250/MMBtu as of around 8:50 a.m. ET.

A robust cooling demand outlook into the second half of July supported further gains for natural gas futures early Thursday as traders prepared to assess the latest government inventory data. 

While traders and analysts continued to mull the implications of a leaner-than-expected build in the latest government inventory data, natural gas futures were trading close to even early Friday. After dipping as low as $6.079/MMBtu in after-hours trading, the August Nymex contract was off 0.1 cents to $6.296 at around 8:50 a.m. ET.