Having entered the summer cooling season at sharply elevated price levels, natural gas forwards pulled back during the May 25-June 1 trading period as the market continued to try to price in risks posed by lagging domestic inventories, according to NGI’s Forward Look.

Fixed price declines of around 25-45 cents for July delivery were the norm throughout the Lower 48 during the period, in line with benchmark Henry Hub, which shed 29.7 cents week/week to fall to $8.396/MMBtu.

In the Midwest, Chicago Citygate fell 35.3 cents to $8.474, while in the Northeast, Transco Zone 6 NY gave back 34.1 cents to end the period at $8.148.

Meanwhile, Nymex futures vacillated during the period, including a 58.2-cent sell-off on Tuesday (May 31), immediately followed by a 55.1-cent rally the...