09:25 AM EDT, 04/04/2025 (MT Newswires) -- Natural gas futures fell early on Friday as mild spring weather cuts into demand while inventories rose more than expected last week.

Gas for May delivery was last seen down US$0.15 to US$3.98 per million British thermal units.

The drop comes amid plunging equity and commodity markets, even as imports of the fuel were excluded from the blanket tariffs imposed on U.S. imports by President Donald Trump on Wednesday.

"Natural gas at this point is, in the near-term, left to trade on its fundamentals. We still think that yet again, natural gas is too high as late season chills have allowed natural gas to hold onto elevated levels with injection season underway," Christopher Louney, a commodities strategist at RBC Capital Markets, noted.

The Energy Information Administration on Thursday reported U.S. inventories of the fuel rose by 29-billion cubic feet last week, above the consensus estimate of 25-bcf, according to NatGasWeather, and leaving stocks at 4.3% under the five-year average.

Long-term forecasts from the National Weather Service are also bearish, with the agency's eight to 14 day outlook seeing nearly all states with seasonal or warmer temperatures in the period, easing heating demand but still too mild to add cooling demand.