After a massive rise in the prior week, natural gas forwards softened a bit in the trading period ending July 7. Cooler weather and returning production contributed to a 7.0-cent decline in August prices, with small decreases extending through the remainder of summer (August-October), according to NGI’s Forward Look.

Winter forward prices also fell, but losses were small amid simmering concerns about the level of supplies in storage ahead of the peak demand season. The need to replenish what are expected to be lower-than-normal stocks drove prices higher for next summer (April-October). Gains of about a nickel were seen across North America, Forward Look data showed.

Coming off an intense week marked by oppressive heat and a sharp drop in production, as well as a nine-day...