As weaker export numbers and a mild spring forecast hampered the near-term demand outlook, natural gas futures sank in early trading Monday.

NGI Morning Natural Gas Price & Markets Coverage

After eking out a modest day/day gain on Friday, the May Nymex contract was down 4.8 cents to $1.722/MMBtu at around 8:45 a.m. ET. June was off 5.1 cents to $1.978. 

The natural gas market enters the new week confronting evidence of “paltry” physical demand after spot prices “imploded” for weekend and Monday delivery, EBW Analytics Group analyst Eli Rubin said.

On a day when West Texas prices traded deep into negative territory, NGI’s spot gas National Avg. on Friday fell to 94.5 cents, according to Daily Gas Price Index data. Henry Hub spot prices tumbled 27.0 cents to average $1.335 on Friday, a more than 40-cent discount...