North American natural gas can’t find any momentum. On Thursday, the April New York Mercantile Exchange gas futures contract settled at $2.543/MMBtu, off eight-tenths of a cent on the day. May futures slid 3.0 cents to $2.683.

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Analysts at NatGasWeather said Thursday afternoon that “with prices back to testing lows of the week this morning, the natural gas markets appear to be stating supplies are too healthy and the balance too loose to counter a relatively cold mid and late March U.S. weather pattern.”

Freeport LNG should be back to pulling about 2 Bcf/d from the U.S. market by the end of March, or early April, but this has done little so far to inspire the bulls.

Mexico imports of U.S. natural gas were 5.33 Bcf/d over the past 10 days through Thursday, according to...