Well-Supplied US Gas May Guide Crude Akin to 2022 US natural gas often finds ample supply in the aftermath of price spikes, and January's surge to $7.46 per million BTUs was the highest since Russia invaded Ukraine in 2022. The 2024 low was around $1.50. Will it be different? I think that's unlikely. The graphic shows a turn to red after a large green annual gas candle. US gas led the post-2022 reversion lower and is pointing down again. Yet the February gas contract, set to be front month at end-2026, still signals an up year. I expect the gap between surging crude and ebbing gas to narrow, with gas down 27% through April 17 vs. oil up 46%. If WTI ends 2026 near the April 13 average of $104, it would mark a record year-end high. US gas storage of 1.9 trillion cubic feet is roughly 5% above last year and the five-year average Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tdhaq9kiupuf {BI COMD} #naturalgas #crudeoil #energy #futures @BBGIntelligence(Mike McGlone)