Natural gas prices held in a narrow range Wednesday, flipping between modest gains and losses as traders balanced global supply worries amid the war in Ukraine against the prospect of fading domestic demand.

At A Glance:

  • BREAKING: U.S. EIA reports 124 Bcf natural gas withdrawal from storage for the week ended March 4
  • U.S. LNG exports near capacity
  • Forecasts call for mild conditions

The April Nymex gas futures contract ultimately shed a tenth of a cent day/day and closed at $4.526/MMBtu. May dipped two tenths of a cent to $4.561. It marked the third consecutive day of declines.

NGI’s Spot Gas National Avg. shed 7.5 cents to $4.445.

“The forecast continues to move in the warmer direction,” Bespoke Weather Services said Wednesday, noting that outlooks have shed...