January 2026 Gas 4-5 Range Premium to 2024-23 - A year ago, the January natural gas future was closer to 3 per million BTUs vs. roughly 4.75 on Nov. 13. Is this the start of a bull market or a setup for reversion? My bias is the latter, given the typical price autocorrelation, high supply elasticity and low probability of a second consecutive above-average heating-demand season. Full report on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/t5pqu8gpwcgf {BI COMD} #naturalgas #energy @BBGIntelligence(Mike McGlone)