The young Imps once again started the game very well and although the hosts caused an early scare when a whipped free kick struck a post, much of the first half saw City pressing high and having lots of possession in their opponents' half.
Jordan Thomas and Alex Simmons led the line well and Rob Smith constantly threatened with clever runs in behind. Matt Cotton and Matt Bowles were industrious, supported by Kegan Everington driving forward from midfield.
The Imps' chances were limited to shots from range but Thomas was a constant threat behind Hull's back four, and they were rewarded on 39 minutes when Hull's goalkeeper made a clumsy challenge and Thomas held his nerve to convert the spot kick.
Taking a deserved lead into half-time, the challenge for Lincoln's youngsters was to continue to take the game to the league leaders.
The second half began in similar style, and Rob Smith broke clear only to see his shot saved. Other chances fell to Simmons and Thomas, while Bowles forced a fantastic fingertip save to deny the Imps doubling their lead.
At the other end, the same back four which had conceded just two goals in the last three games - Nick Green, Callum Ward, Kieran Walker and an U16 triallist - were magnificent in repelling Hull's front line as they resorted to a much more direct style of play.
Josh Barr-Rostron replaced the excellent Cotton on 80 minutes to make his YT debut, and Nick Draper made a string of fine catches under pressure as Hull pressed for an equaliser. Draper capped a fine performance with an outstanding save deep into injury time.
But the Imps were denied a victory when the hosts equalised in the 97th minute with the last kick of the game. A cruel blow after such a resilient performance, but the Imps will reflect on key moments in the game when they had golden chances to put the game beyond reach.
Team: Draper, Green, Walker, Everington, Ward, Triallist, Thomas (c), Bowles, Smith, Cotton, Simmons. Subs: Helsdown, Barr-Rostron, Jones, Akar, Triallist.