Natural gas forward markets continued to face fierce headwinds in early May, with prices selling off sharply through 2024, according to NGI’s Forward Look.

Henry Hub paved the way as June forward prices fell 25.0 cents from April 27-May 3 to reach $2.172 and the balance of summer (June-October) slid 21.0 cents to $2.390, Forward Look data showed. Losses were steep further out the curve as well. The winter 2023-2024 strip dropped 14.0 cents to average $3.452, while prices for next summer (April-October) dropped 12.0 cents to $3.280.

The discounts were an extension of the more modest declines that spread across the Lower 48 in the prior week, only this time more pronounced as any lingering late-season cold subsided. LNG demand also weakened, with seasonal maintenance curbing gas...