Natural gas futures traded in a narrow range most of Thursday, ultimately closing in the red following a government inventory report that reminded of the demand weakness that permeated the U.S. market through early 2023.

The March Nymex gas futures contract settled at $2.389/MMBtu, down 8.2 cents day/day. April shed 7.0 cents to $2.485.

NGI’s Spot Gas National Avg. barely budged, too, sliding 2.0 cents to $2.990. Prices varied by region but hubs generally posted modest gains and losses.

The U.S. Energy Information Administration (EIA) posted a withdrawal of 100 Bcf natural gas from storage for the week ended Feb. 10. The result was within the range of expectations but, as has been the case this year, notably below historic averages.

The pull kept inventories comfortably...