With the May contract expiration looming, natural gas futures retreated early Tuesday as analysts observed bearish production and export trends. The May Nymex contract was down 6.3 cents to $2.210/MMBtu at around 8:40 a.m. ET. June was off 5.8 cents to $2.413.

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Natural gas could see “choppy trading” going into the final expiration of the May contract tomorrow, EBW Analytics Group analyst Eli Rubin said.

“While the May natural gas contract showed relative weakness yesterday, medium-to-longer term strength (July-December 2023 contracts added an average 7.2 cents) eventually pulled the Nymex front-month higher,” Rubin said. “Weather forecasts continue to crawl in a supportive direction and stave off fears of extreme natural gas price weakness this spring.”

Still, the...