Natural gas forward markets rebounded sharply for the trading period ending Aug. 4 as widespread sweltering heat set to return sounded the alarm once again that U.S. storage inventories are on pace to fall uncomfortably short ahead of winter.

September forward prices averaged 20.0 cents higher for the July 29-Aug. 4 period, according to NGI’s Forward Look. Gains were stout across the curve, with forward prices for the upcoming winter (November 2021-March 2022) averaging 14.0 cents higher for the period and the summer 2022 strip (April-October) averaging 10.0 cents higher.

East Coast markets put up much heftier gains as the typical response by exploration and production (E&P) companies to higher prices appears to not be in the cards this time around. More than halfway through...