Natural gas futures slipped lower for a second consecutive session on Thursday, despite a bullish government inventory print and continued robust demand for both U.S. liquefied natural gas (LNG) and pipeline exports.

EIA storage April 30

The June Nymex contract fell 1.0 cent day/day and settled at $2.928/MMBtu. The contract lost 2.9 cents on Wednesday. July shed eight-tenths of a cent to $2.974 on Thursday.  

NGI’s Spot Gas National Avg. declined 5.5 cents to $2.705.

The prompt month has repeatedly bumped up against the $3.00 threshold in recent sessions but failed to close above it. Futures remain well off the 2021 high of $3.316 reached in February amid the spike in demand caused by Winter Storm Uri. However, they are well above the spring season low near $2.450 early last month.