Wood, who this week rejoined the County on loan from Nottinghamshire, top scored with 66 as his team were bowled out for just 230 at Emirates Old Trafford.
Lancashire then lost Haseeb Hameed for seven in reply as Ben Sanderson struck early on.
But the hosts finished on 29 for one, and they will fancy their chances of securing a first-innings lead.
However, Wood is determined to remain upbeat.
"Any runs on the board are always a positive, although we would have like to get a few more," said Wood.
"But that can’t be helped now and it was good to get a wicket at the end. It’s always good when one of the openers is out.
"We are not in a terrible spot at all. It is still a very competitive game and tomorrow’s going to be the interesting one.
"If you look at their team on paper, they don’t have a weak link at all but you expect that with a club like this and their seamers have come off the back of a good one-day tournament. So the confidence is obviously there.
"But it was nice personally to get a few runs and we have a good seam attack, too."
Richard Gleeson, who left Northants to join Lancashire last summer, took five for 63 on the first day.
And Gleeson said: "I think the wicket’s quite good but we bowled well as a unit and managed to pile on the pressure.
"It’s nice to get my first five-for the club and especially after being out with a few injuries it was pleasant to get out on the park.
"You’re always eager to get the ball in your hand and get your first wicket at the start of a new season.
"But it was my first game at Old Trafford so there were a few butterflies at the start of the day.
"It’s a great ground and there were a few (fans) in as well in the nice weather.
"I thought Saqib Mahmood bowled brilliantly up top but didn’t get the rewards and I thought I managed to prosper where he was unfortunate.
"As a quartet I thought we bowled brilliantly and that’s what we aimed to do at the start of the day when we backed the four seamers and wanted to bowl first."