Global Heat Records Don't Drive U.S. Gas Prices—Yet

June 2024 marked the 13th consecutive monthly global temperature record, yet U.S. natural gas futures fell to $3.15 per MMBtu. The disconnect matters: global warmth alone doesn't guarantee domestic power-burn demand. Shoulder-season cooling loads in key U.S. consumption regions stayed mild, leaving record storage inventories unchanged. Climate extremes and domestic gas fundamentals are correlated but separate—a distinction that catches traders off guard when macro narratives collide with regional supply realities.