Mexican clients are “very nervous” about prices in the coming months, according to a natural gas marketer in Mexico City.

Mexico imports

This week has been another rollercoaster in the gas markets. On Wednesday, November futures in the United States rolled off the board at $6.202/MMBtu, up 32.0 cents on the day. The December contract, which moved to the front of the curve on Thursday, climbed 19.5 cents to $6.198. On Thursday, prices slumped as balances loosened somewhat.

The uncertainty of volatile pricing in Mexico in the upcoming months is exacerbated by what happened during Winter Storm Uri last February in Texas. Astronomical gas prices and shortages from the freak event plunged four million Mexican homes into darkness for a few days, exposing the country’s dependence on pipeline...