This isn't your bear market in natural gas anymore. The price squeeze you are seeing today came on the potential for another Sudden Stratospheric Warming (SSW) event in mid-March. Historically, such an event was always doubted by traders due to the uncertainty. But because of the underlying tightness and the structural demand increases later this year, traders are going to remain biased to the bull side. This is why we wrote in our NGF on Feb 11 the following:
In essence, readers who are trading natural gas have to have a bullish bias for the rest of 2025. Unlike the previous years when natural gas prices were expected to be rangebound, I think this year is now favored for traders pushing the upper boundaries of the price limit.
And unlike our usual natural gas articles (focused on the short-term), we will look into the long-term to see just what kind of market environment we are entering in for natural gas.