North American natural gas storage levels are looking robust, which typically caps upside. Any contrarian views here, perhaps related to sudden cold snaps or unexpected industrial demand? Or is this a fairly clear supply-side signal?
I agree that the storage levels are a strong indicator, and it's hard to fight that. However, even a short, intense cold snap in a major consumption zone could create significant price volatility. It's not just about total supply, but also the delivery infrastructure.
While storage is high, remember that global LNG demand can still pull supply away, even if domestic storage looks good. Are we underestimating the potential for export demand to tighten the market even with robust North American levels?