* Front month hits lowest mark since January 2002 * Mild spring weather on tap for much of the nation * U.S. crude futures edge lower in early trade * Coming Up: Baker Hughes drilling rig data Friday By Eileen Houlihan NEW YORK, April 13 (Reuters) - U.S. natural gas futures sank to a fresh 10-year spot chart low for a fifth straight day on Friday, hovering under $2 per million British thermal units amid mild spring weather and ongoing concerns over record-high supplies. Front-month May natural gas futures on the New York Mercantile Exchange were at $1.998 per mmBtu, up 1.5 cents, after sliding to $1.959, the lowest price for a front month since January 2002. The front month lost 19 percent in March, its biggest monthly drop since August 2010, and has fallen another 6 percent so far in April. Most traders expect few gains in the near term, with no extreme cold or hot weather on the horizon to boost demand. RECORD INVENTORIES U.S. Energy Information Administration data on Thursday showed total gas inventories rose by just 8 billion cubic feet to 2.487 trillion cubic feet, below trade expectations in Reuters survey for a 25 bcf gain, but above the year-ago rise of 7 bcf. But storage remains at record highs for this time of year, standing nearly 56 percent above last year and about 59 percent above the five-year average level. (Storage graphic: link.reuters.com/mup44s) Early injection estimates for next week's EIA report range from 19 bcf to 53 bcf versus last year's adjusted build of 42 bcf and the five-year average increase for that week of 26 bcf. PRODUCTION ALSO STILL AT RECORD HIGHS The EIA's short-term energy outlook this week offered little hope for bulls, with the agency sharply raising its estimate for marketed gas production this year for a third straight month. EIA said it expects 2012 gas output to climb by 3 bcf per day, or 4.5 percent, to a record 69.22 bcfd, up from its March outlook that had output this year at 67.91 bcf daily. EIA also forecast a significant 2.8 bcf per day, or 4.3 percent, gain in consumption this year, primarily due to more utility switching from pricier coal to cheaper gas, but it was not expected to be enough to tighten an over supplied gas market. Production growth is expected to slow this year as low prices hit plans for new drilling, but the sharp decline in the Baker Hughes gas rig count -- down about 31 percent since peaking at 936 in October -- has not yet reduced output partly due to increased drilling efficiency. The gas-directed rig count has fallen in 12 of the last 13 weeks, sinking last week to its lowest in nearly 10 years, but rising output from shale has kept production on an upward track. (Rig graphic: r.reuters.com/dyb62s) MORE FUNDAMENTALS The National Weather Service's six- to 10-day outlook issued on Thursday again called for above-normal readings for about the eastern third and western third of the nation and mainly normal readings across the mid-Continent. Spring nuclear power plant outages were running at about 24,000 megawatts, or 24 percent, on Friday, up from about 23,700 MW out a year ago and a five-year outage rate of about 22,900 MW. Traders said the outages should add more than 1 bcf to daily gas demand.

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