Global Heat Records Aren't Driving U.S. Gas Prices—Yet

June 2024 marked 13 straight months of record global temperatures, yet U.S. natural gas fell to $3.15 per million BTUs. The catch: global warmth doesn't automatically mean Americans need more cooling power. Mild summer weather in major U.S. regions kept demand flat and storage inventories full. Climate extremes and domestic supply are linked but distinct—a gap that trips up traders when big narratives meet regional reality.