Natural Gas - Lower Prices Will Cure Lower Prices

Natural gas fundamental balances have started to meaningfully tighten. This is the result of 1) structurally higher power burn demand and 2) higher LNG gas exports.

On a fundamental basis, we have the surplus dwindling away almost entirely in our forward 5-week outlook.

And looking at our storage projection, we have the surplus to the 5-year average down to just 6 Bcf over the next 5 natural gas storage reports.