After early gains on Thursday, natural gas futures lost momentum following the latest government inventory data that confirmed supply/demand balances remain too loose. The April Nymex 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.

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Spot gas prices were mostly lower, with the West and East coasts continuing to pull back sharply from earlier highs. NGI’s Spot Gas National Avg. dropped 25.5 cents to $2.800.

Against the backdrop of volatile weather models, plush storage, robust production and the ongoing return of a key export facility, futures prices have struggled to find their footing. The April Nymex...