Spot natural gas prices headed lower during the June 30-July 1 trading period for July natural gas delivery amid cooler temperatures in Texas, fleeting bouts of heat elsewhere and the typical lull in demand seen over a holiday weekend. NGI’s Weekly Spot Gas National Avg. dropped 49.5 cents to $5.845/MMBtu.

Futures action in the natural gas arena, meanwhile, was fueled with volatility that drove gas prices sharply lower through the week. When the dust settled at the close of Friday’s session, August Nymex contract was well under the $6.00 mark at $5.730.

There was no shortage of fireworks in the gas market ahead of the Independence Day holiday weekend, but the mostly soggy forecast likely squashes plans to light up the night sky with red, white and blue.

The National...