A deadly heat wave that smothered Western Canada and the U.S. Pacific Northwest drove massive gains for spot gas prices in those regions early in the June 30-July 2 period. Hot weather also hit the East Coast for part of that time, lifting NGI’s Weekly Spot Gas National Avg. by an impressive 30.5 cents to $3.465.

EIA storage june 25

Not to be outdone, Nymex futures experienced some of the most extreme volatility in recent months. In addition to the oppressive heat, a major production decline in the Northeast added to the momentum. After nine consecutive days on the positive side of the ledger, the August Nymex futures contract settled Friday at $3.700.

As for the heatwave, multiple cities throughout Western Canada and the U.S. Pacific Northwest shattered temperature records as the mercury...