NYMEX June natural gas futures resumed an upside bias overnight in bargain hunting ahead of Wednesday's open.
At 6:40 a.m. ET (1040 GMT) the contract was 1.2 cents higher to move to $2.746/MMBtu.
Fundamentals are bearish in the midrange but turn bullish in the longer range, as weather conditions suggest lackluster demand in the coming weeks but with a boost to cooling load further out.
Warmer weather that has trimmed demand of late is expected to have allowed for a better-than-average build to stocks.
For the report covering the week ended May 4, early estimates suggest an injection in the low 90s Bcf, which would exceed the five-year average addition and the year-ago build.
Total working gas stocks are currently 1,343 Bcf, or 903 Bcf lower year on year and 534 Bcf below the five-year average.
