Natural gas futures fell for a second consecutive day on Wednesday, as traders absorbed dwindling expectations for strong weather-driven demand, moderating U.S. liquefied natural gas (LNG) levels and a change in control in the nation’s capital.

Evening Markets

The February Nymex gas futures contract shed seven-tenths of a cent day/day and settled at $2.539/MMBtu. Prices recovered late in the session after trading down several cents most of the session. A day earlier, the prompt month plunged 19.1 cents.

March eked out a gain of four-tenths of a cent and settled at $2.533 on Wednesday. However, earlier in the session, the March/April spread traded to a three-week low, a bearish indicator of expectations for the remainder of the winter season, said Mizuho Securities USA’s Robert Yawger,...