In a huge reversal from last month, natural gas prices for July baseload are trending sharply lower amid weaker liquefied natural gas (LNG) demand stemming from an explosion at the Freeport export terminal. Forecasts for less extreme heat than what has been seen so far this month also were weighing on July prices, according to NGI’s Bidweek Alert (BWA).

Gas prices across the country were sporting $5 and $6 handles for the majority of locations that traded on Day 1 of the July bidweek period, which began on Friday (June 24). This compares with $8 gas prices seen a month ago.

Notably, many of the supportive factors influencing prices for June baseload remain in place. Chief among them are the precariously low storage levels plaguing key regions of the United States.

The U.S....