Natural gas futures were bound by a narrow range of gains and losses Friday. This capped a topsy-turvy trading week that featured falling production and an early rally, but also rapidly waning weather demand and choppy LNG activity that later sapped sentiment.

At A Glance:

  • Mild weather ahead
  • Output near 99 Bcf/d
  • Storage surplus holds

After a 12.1-cent drop the prior session and gains earlier in the week, the May Nymex gas futures contract on Friday ultimately settled at $1.770/MMBtu, up six-tenths of a cent day/day.

NGI’s Spot Gas National Avg. on Friday dropped 23.0 cents to 94.5 cents. Prices fell across the Lower 48 amid widespread spring weather. Prolonged price pain in oversupplied West Texas compounded matters.

Production held lower to finish the week, hovering...