U.S. natural‑gas futures slipped early Thursday as forecasts predict cooler weather for late June, denting demand expectations. On the New York Mercantile Exchange the contract fell 0.4% to $3.133/mmBtu, trimming the weekly gain that had hovered near $3.20. Analysts say the move reflects short‑term weather models outweighing supply concerns. Traders remain cautious ahead of the June 30 climate outlook release.

Dennis Kissler of BOK Financial noted that futures are fighting to hold the seasonal bullish structure against cooling weather models. He added that liquefied natural‑gas (LNG) demand should climb once scheduled maintenance wraps up, but prices will only rise sharply if forecasts swing back to above‑normal warmth. The post‑maintenance surge is expected to add roughly 200 MMcf/d of feedgas, supporting the market if temperatures rise.

The modest slide signals that traders are pricing weather risk more heavily than supply tightness, a dynamic that could keep the market range‑bound through the summer. Investors should watch the June 30 temperature outlook and upcoming LNG maintenance schedules for any catalyst that might move the contract out of its narrow band. Moreover, any unexpected cold snap could quickly reverse the trend.