If the cure for low natural gas prices is low gas prices, then things should be looking pretty good soon—but alas, that would be just in time to find ourselves in the shoulder season before air conditioning takes over U.S. demand, so it may be time to retire that old belief. Too many factors are in play.

Bad news on the demand side and persistently rising supply make natural gas an unwelcome hydrocarbon. Combine gas storage above the five-year average in the middle of a warm winter, and the surprise hit from the coronavirus, and you could not make up a worse “perfect storm.”

With spring just around the corner, we hope the coronavirus has begun fading away, but it may take several more months for the global economic disruptions it has caused to right themselves.

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