North America gas weekly update: Henry Hub gas prices back down to the abyss

The weather giveth, and the weather taketh away. A heat wave last week resulted in the lowest injection of the summer, rallying August prices to near $2.50/mmbtu. The bullishness was short-lived, however, as again short-term weather forecasts returned temperatures below normal for the end of July. In a roller coaster move, prices again dipped below $2.25/mmbtu. Fundamentally, Hurricane Barry had more of an effect on supply than demand, but future heat in August could prove that once again, weather can be fickle.