Natural gas futures fell further on Thursday — the 10th decline in the last 12 trading sessions — after a bearish storage report and forecasts that showed continued expectations for moderating heating demand.

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The April Nymex contract settled at $2.481/MMBtu, down 4.7 cents day/day. May lost 4.4 cents to $2.511.

Diminished near-term weather demand also dragged cash prices lower. NGI’s Spot Gas National Avg. shed 1.0 cent to $2.430.

Both the domestic and European weather models “held moderate demand late this week, then very light demand late this weekend through next week,” NatGasWeather said Thursday. For the final week of March, the firm added, “most of the U.S. will be mild to warm with highs of 40s to 60s” over the north “and 60s to 80s across the southern...