North American natural gas futures were choppy this week as the U.S. supply picture remained unclear and with summer heat just around the corner. Mexican buyers of U.S. gas, meanwhile, should expect even higher prices in the hot months ahead.

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After a steep three-day drop, the June New York Mercantile Exchange gas futures contract jumped for a second straight day Wednesday, gaining 25.5 cents day/day and settling at $7.640/MMBtu. July rose 26.0 cents to $7.727.

But prices are still seen as pressured to the upside as U.S. storage levels remain lower than usual. Henry Hub prices, a key benchmark for Mexico trades, are forecast to average $8.59/MMBtu in the second half of this year, the U.S. Energy Information Administration (EIA) said this week.

NatGasWeather said in the next...