This Winter will likely go on record as the warmest in 20 years. Henry Hub prices have dropped rapidly since the first sign of daffodils in February. The March 2017 contract traded below US$2.70/mmbtu late this month – down from US$3.50/mmbtu at beginning of the year. However, the story for 2017 remains a return to coal story. Coal demand was strong heading into the New Year and January burn levels were also strong. All the fundamental pieces are still in place for higher natural gas prices to return in early Summer leading to higher coal generation.