Natural gas futures fell for a second straight session on Thursday, dragged lower by forecasts for benign weather and government inventory data that showed stout supplies in storage.

At A Glance:

  • EIA prints 37 Bcf withdrawal
  • Outlook shifts to injections
  • Weather demand softens

Coming off a 2.1-cent loss the prior day, the May Nymex gas futures contract shed another 6.7 cents on Thursday and settled at $1.774/MMBtu.

NGI’s Spot Gas National Avg. followed suit and declined 13.0 cents to $1.485. Cash prices had rallied earlier in the week amid an outbreak of cold in the North. 

Futures climbed in each of the first two sessions this week amid near-term chills – and winter-like storms – across northern markets. Production readings also slumped to start April, extending a...