Natural gas prices hovered in a narrow range of modest losses and gains much of Thursday before ultimately finishing in negative territory for the first time in three sessions, as markets assessed the evolving Russia-Ukraine war and a triple-digit storage withdrawal.

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

The April Nymex gas futures contract settled at $4.722/MMBtu, down 4.0 cents day/day. May fell 5.1 cents to $4.736.

NGI’s Spot Gas National Avg. shed 74.5 cents to $5.140 amid forecasts for weekend warmth.

Russia on Thursday intensified its offensive in parts of Ukraine on the eighth day of the conflict, worsening a refugee crisis in eastern Europe. However, the two sides resumed cease-fire discussions. That...