Dragged down by loose balances amid weaker export demand, natural gas prices skidded lower in July bidweek trading even as a toasty forecast offered some encouragement for the bulls. NGI’s July Bidweek National Avg. fell 9.5 cents month/month to $1.450/MMBtu.

That marks a 53-cent decline from the $1.980 average NGI recorded for July 2019 bidweek, another indication of the stress Covid 19 has put on the market this summer.

The July Nymex natural gas futures contract rolled off the board Friday at $1.495 after the market absorbed the shock of a mammoth 120 Bcf injection reported for the week ending June 19. The futures settlement equated to a 22.5-cent month/month drop in July bidweek prices at benchmark Henry Hub, setting the tone for discounts throughout the North American...