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US Natural Gas Update: Futures Extend Losses on Bearish Storage Data, Weak Spring Demand

-- US natural gas futures extended losses in after-hours trading on Friday, pressured by bearish storage data and weak seasonal demand.

The front-month Henry Hub contract, along with the continuous contract, fell 3.48% to $2.523 per million British thermal units.

According to Pinebrooke Energy Advisors, natural gas prices continued their decline following an 11-cent drop in the previous session. Analysts at Gelber & Associates noted that May futures reversed sharply, erasing six consecutive days of gains in just two sessions.

The firm attributed the downturn to a larger-than-expected storage injection reported Thursday by the US Energy Information Administration, which shifted market focus back to a loose spring supply-demand balance.

Additionally, it said earlier price support driven by expectations of a late-season cooldown faded after data showed supply continuing to outpace consumption.

"With the calendar moving deeper into shoulder season, it does not take much to stall a rally, and the latest data reinforced that supply is outpacing consumption even when temperatures tilt modestly cooler," the firm said in a note on Friday.

The EIA said storage levels rose by 103 billion cubic feet in the week ending April 17, exceeding market expectations and last year's build of 77 Bcf, as well as the five-year average increase of 64 Bcf. Total inventories now stand approximately 7.1% above seasonal norms.

On the supply side, US production has declined modestly, falling by about 3.8 billion cubic feet per day over the past 17 days to an 11-week low of 108.3 Bcf/d, Trading Economics said. However, liquefied natural gas feedgas demand has remained robust, rising to 18.9 Bcf/d in April and putting the market on track for a potential monthly record.

Separate data from NRG Energy indicated output at 106.4 Bcf, below year-ago levels, while LNG feedgas flows were reported at 18.7 Bcf/d.

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