Weighed down by a healthy storage cushion as the market exits the withdrawal season, natural gas futures continued to grind lower in early trading Wednesday. 

NGI Morning Natural Gas Price & Markets Coverage

The expiring April Nymex contract was down 3.9 cents to $1.991/MMBtu at around 8:40 a.m. ET. May was off 2.2 cents to $2.125.

Natural gas prices have been “tempting the sub-$2 range” amid a combination of mild weather and “steady” production levels, a continuation of trends that have persisted throughout the winter heating season, Rystad Energy analyst Emily McClain said in a research note.

“Though some cold days are projected in the weeks ahead for the Pacific and Mountain regions, the short-term weather outlook signals near-normal temperatures over the next two weeks — subjecting gas to lighter demand...