U.S. natural gas futures extended their decline on 9 July, falling to their weakest level since May 2025. Traders cited softer spot-market prices, a rise in underground storage and forecasts for cooler summer temperatures as the primary drivers of the sell-off. Ample inventories have reduced concerns about supply tightness during the peak-demand air-conditioning season, while milder weather projections are expected to curb power-sector consumption. The deepening discount in cash prices relative to futures further pressured the front-month contract, reinforcing expectations of continued oversupply.