With only a few weeks until the official end of the natural gas storage injection season, the reality of the low level of supplies has suddenly awoken gas prices from their months-long slumber. While this should not be a surprise, the fact it has taken nearly all year for this to happen has been the surprise. The apparent disconnect between weak gas prices and low weekly storage injections may be a signal that there are shifts underway in the natural gas market not well understood by the participants. In particular, it may be the traders who disproportionately help establish gas futures prices that are failing to understand the gas market’s new subtilties. 

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