June natural gas prices trended higher during the early morning hours but remained inside of yesterday's wide range decline. It is possible that some of the downside action in the market yesterday came from reports of a large energy hedge fund manager closing its fund, and potentially unwinding positions. It is also possible that the natural gas market became short term overbought after its recent advance. Expectations for this morning's EIA storage report are for an injection in the range of 26 to 30 bcf, which is in line with the year ago week increase of 36 bcf, but considerably below the five year average build of 79 bcf.
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