Natural gas prices held in a narrow range Wednesday, flipping between modest gains and losses as traders balanced global supply worries amid the war in Ukraine against the prospect of fading domestic demand.

At A Glance:

  • Forecasts call for mild conditions
  • U.S. LNG exports hold near capacity
  • Market expects triple-digit storage pull

The April Nymex gas futures contract ultimately shed a tenth of a cent day/day and closed at $4.526/MMBtu. May dipped two tenths of a cent to $4.561. It marked the third consecutive day of declines.

NGI’s Spot Gas National Avg. shed 7.5 cents to $4.445.

“The forecast continues to move in the warmer direction,” Bespoke Weather Services said Wednesday, noting that outlooks have shed gas-weighted degree days ahead of each trading session...