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Shoulder Season Supply Build Outpaces Heat to Pressure Natural Gas Forward Prices

Natural Gas Intelligence · last updated

Natural gas forward prices slid during the May 8-14 trading period as the market awaited the start of summer to slow a rapid rise in storage levels this shoulder season.

Graph showing the June 2025 Waha natural gas fixed price changes throughout historical market volatility.

June fixed prices at benchmark Henry Hub fell by 12.5 cents for the period to finish at $3.494/MMBtu. That echoed a sell-off in Nymex futures over the same time frame, NGI’s Forward Look data show.

All Lower 48 hubs followed the national benchmark lower, with fixed prices down by an average 20.2 cents during the period. Leading the way lower were prices in West Texas.