Shoulder-season doldrums took hold of natural gas forward curves for the trading period ending May 5 as mild weather stole some of the momentum away from strong export demand. June forward prices averaged exactly flat for the period amid a mix of small gains and losses, while the balance of summer (June-October) eked out a modest 1.0-cent increase, according to NGI’s Forward Look.

Slightly stronger gains were seen for the upcoming winter (November-March) and summer 2022 (April-October) strips, fueled by a storage deficit that’s set to expand in the coming months.

The minor price changes along the forward curve nearly mirrored the range-bound trading that took place along the Nymex futures strip. The June contract shifted less than a nickel throughout the period, ultimately...