Natural Gas Ticks Higher After Storage Report

Natural gas futures traded slightly higher following the release of its weekly storage report from the U.S. Energy Department.

Natural Gas Ticks Higher After Storage Report
Cameron Davidson | Getty Images

Natural gas storage level declined by 38 billion cubic feet (bcf), at the high end of range of estimates of analysts surveyed by Platts. Analysts were looking for a withdrawal between 17 and 39 bcf with a consensus estimate of a 23-27 bcf withdrawal. (Read More: Citigroup Says Commodity Super-Cycle Is Over)

December natural gas futures traded at a session high of $3.855 earlier today, the highest price of the year.

Traders say natural gas prices look poised to make a run for $4 mark, but gains may fade if the front month contract is unable to settle above the previous day's high over $3.84.

—By CNBC's Sharon Epperson; Follow Her on Twitter @sharon_epperson