The U.S. suffered though multiple bouts of severe cold in the last few weeks, but the weather has done very little to rescue low natural gas prices. Henry Hub gas prices have been wallowing below $3/MMBtu for much of this winter, after briefly trading at multi-year highs late last year. Low prices are remarkable for several reasons. First, the U.S. entered the peak winter demand season with gas storage at its lowest level in 15 years . Indeed, a thin cushion of gas sitting in storage helped spark the price rally in November. But the price spike was fleeting, a notable development for a second reason. Demand soared to new heights this winter, particularly during bouts of extreme cold. Gas consumption broke record highs in late January after half of the U.S. suffered through a deep freeze. Residential/commercial consumption in the Midwest reached 26 Bcf on January 30, an […]