U.S. natural gas markets failed to sustain much momentum across the forward curve during the June 8-14 trading period, with July prices averaging 2.0 cents lower as widespread heat has yet to materialize, according to NGI’s Forward Look.

With plump production figures still coming out and storage inventories sitting above average levels, similarly small price changes were seen through the balance of summer (July-October), winter 2023-2024 and the rest of the curve, Forward Look data showed.

There were a few exceptions, however. West Texas markets strengthened by double digits at the front of the curve amid near-record pipeline exports to Mexico. Unlike the Lower 48, heat has been building south of the border since May, with natural gas demand for electricity generation soaring...