Stubbornly high production maintained its grip on natural gas forward curves during the May 18-24 period, with June prices averaging 20.0 cents lower, according to NGI’s Forward Look.

With weather-driven demand at seasonal lows and storage inventories remaining at a surplus to historical norms, forward contracts dropped 16.0 cents on average for the balance of summer (June-October), Forward Look data showed. The winter months (November-March) averaged 12.0 cents lower through the period, while losses of 10.0 cents or less were seen for the summer 2024 strip (April-October).

Key outstanding questions suggest weakness may endure during the first half of summer, according to EBW Analytics Group. The firm said weather-driven demand may not firm up until July. Current outlooks from...