Last August I warned that a Natural Gas Price Spike May Be Looming. The reason for the warning was that natural gas in storage – which the Energy Information Administration (EIA) reports every Thursday – had fallen to abnormally low levels just ahead of high-demand season. Indeed, natural gas inventories remained low throughout the fall, and by November prices had spiked by 60 percent. By late November, it seemed that prices were destined to hit the $5 per million British thermal units (MMBtu) level. However, the price peaked…
