As summer heat failed to provide the spark needed to sustain higher prices, lost demand from the Freeport liquefied natural gas (LNG) terminal outage continued to erode value in the natural gas forwards market during the June 16-22 trading period.

According to NGI’s Forward Look data, benchmark Henry Hub fell 56.2 cents week/week to average $6.859/MMBtu in July fixed price trading, setting the pace for losses of around 40-70 cents at most Lower 48 hubs.

Nymex futures also skidded lower during the period, including a 52.0-cent tumble for the front month ahead of the extended Juneteenth holiday weekend. The July contract saw another major sell-off on Thursday, plummeting 61.9 cents to settle at $6.239 after the weekly Energy Information Administration (EIA) storage report missed...