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.

At A Glance:

  • EIA prints 100 Bcf storage draw
  • Production remains strong
  • Demand outlook uncertain

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 or 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...