Why Record Heat Didn't Spike U.S. Gas Prices

Global temperatures hit record highs in June 2024, yet U.S. natural gas prices fell to $3.15 per million BTUs—a unit measuring heat energy. The reason: hot weather doesn't automatically boost U.S. power demand. Mild spring temperatures kept air-conditioning use low, leaving gas supplies full. Heat and gas fundamentals move together sometimes, but not always—a reality that surprises traders betting on simple connections.