The NYMEX Henry Hub March/April futures spread is an indicator of the market’s perception of the level of natural gas in storage toward the end of winter. As the perceived risk of “stock-out” increases, the spread increases, and vice versa. At the start of last winter, the March/April 2023 contract spread stood at 79 cents, with storage at a slight deficit and global supply worries still ongoing. Before entering this upcoming winter, the March/April 2024 spread has already collapsed to a mere 18 cents with storage levels that are about 5% and 9% higher than the 5-year average and last year, respectively. Even with a normal winter, gas storage should be well supplied. Find out more about where North American gas markets are headed: • What will be the primary driver of gas demand this winter? • With US gas production slowing, can Canadian net imports provide supply support? • How high will LNG exports ramp up this winter and beyond?