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$4.29 for natural gas? That's looking wildly overpriced when you stack it against current inventory levels.
Here's the math: spot price is running $1.24 above the $3.05 marginal cost shown on the yield curve from late November data. Inventory's sitting comfortable, yet the premium persists. Either someone's betting on a freeze nobody sees coming, or the market's pricing in phantom demand.
Worth watching how long this disconnect holds before reality catches up.