Natural gas prices have spent much of June trading sideways, but the market is starting to test the upper end of that range as stronger summer heat moves into the forecast. The key question is whether the upcoming stretch of hot weather is a short-lived spike or the beginning of a more durable pattern that tightens the supply/demand balance through July. Storage remains comfortable versus the five-year average, but inventories continue to lose ground to last year as LNG exports strengthen, Canadian imports remain lower, and domestic production holds mostly steady. If rising power generation demand leads to lighter storage injections, the market could have a reason to break higher; if the heat fades quickly, the recent range may continue to hold.
