June natural gas prices were flat to modestly lower during the early morning hours, as they continued to trade inside of a tight range. The market trended higher yesterday, helped in part by EIA storage data that came in at the lower end of expectations. The weekly natural gas storage report showed an injection of 28 bcf, which brought total storage to 2,576 bcf or 49.9% above the 5 year average. Over the last four weeks natural gas storage has increased 97 bcf. The US Interior Department is expected to release a proposal to tighten rules on fracking on public lands in the US as soon as today. While the bulk of natural gas production occurs away from federal property, such restrictions could hamper natural gas production.
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