Robust U.S. export activity held at lofty levels, but natural gas futures fell again on Wednesday as traders mulled domestic demand weakness and the potential for a bearish government inventory report on Thursday.

The May Nymex contract settled at $2.608/MMBtu, down 1.5 cents day/day. It declined 3.0 cents a day earlier, its first session as the prompt month. June fell 1.4 cents on Wednesday to $2.667.

NGI’s Spot Gas National Avg., however, advanced 12.0 cents to $2.450 amid a brief blast of chilly rains and cool air over the Midwest and eastern Lower 48 ahead of warmth in April.

Liquefied natural gas (LNG) levels were strong throughout March, boosted by rising European demand in addition to continued Asian imports. A harsh winter in Europe depleted stockpiles, creating a...