North America gas weekly update: $4 gas

$4 gas may not be uncommon at the pump, but $4 gas in the context of natural gas markets—now there’s something rare. One thinks of this past February’s freeze-off event, or the 2018 early winter cold spell. But now, it’s only July, and it’s hot. While we still expect to enter the winter at a relatively well supplied storage levels, could these high prices be a precognition of early stock-out fears? Just look at the widening March/April 2022 spread, which is currently about $0.60/mmbtu.