January Gas: Above $5.40 or Below $4.40 in 4Q? A year ago, the January 2027 natural gas future was roughly the same as the $4.60 per MMBtu on April 14, indicating the price to expect in 4Q. A move below the lower end of the range near $4.40 appears more likely than a break above the upper end near $5.40, given typical price autocorrelation, high supply elasticity and the low odds of a third straight above-average heating-demand season. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tdj5o8kip3o7 {BI COMD} #naturalgas #technicalanalysis #energy @BBGIntelligence(Mike McGlone)