Natural Gas Price (XNG/USD) grinds lower at $2.40 while struggling to extend the previous day’s corrective bounce off the lowest levels since April 17. In doing so, the energy instrument justifies price-negative weekly inventory details despite bullish supply-demand signals.

On Thursday, the US Energy Information Administration (EIA) Natural Gas Storage Change grew to 79B for the week ended on April 21, versus expectations of staying unchanged at 75B.

Also challenging the XNG/USD price could be the recently cautious mood in the market ahead of the US Fed’s preferred inflation data, namely the US Core Personal Consumption Expenditure (PCE) Price Index for March, expected to ease to 4.5% YoY versus 4.6% prior.

It’s worth noting that the mixed US data joined chatters of a slide in Russia’s Natural Gas exports in 2023 underpinned the XNG/USD rebound the previous day. On the same line is the gradual easing of restrictions on Natural Gas usage in the US.

On a different page, recently downbeat sentiment in the market, as per the mildly offered S&P 500 Futures, join the banking fears and hopes of higher rates at the major central banks to weigh on the Natural Gas price.

Looking ahead, Natural Gas traders should pay attention to market dynamics and US data amid a lack of major energy updates.