We’re in uncharted waters here. Henry Hub has reached a 25-year low as the market has shifted focus from associated gas declines resulting from the oil price collapse to the magnitude and duration of demand loss expected from the coronavirus pandemic. One hopes for optimism. Distinctive front and back markets are developing. The first, bearish after a mild winter with over 2 tcf in storage and expected steep declines in Q2 2020 economic activity, will allow an entrance to the 2020/2021 winter with ample supplies. The back market, though, looks to be a perfect storm of bullishness: structural production declines juxtaposed with a rebound of economic activity. For even a modest storage refill, Henry Hub will need to roar above $2.50 to incentivize dry gas production. First things first, though. The front market will need to resolve before we chart a course through the more distant future.