There are also questions about whether or not Russian gas will ever come back online on the continent. And this may, in the future at least, open up the possibility of higher prices in the off season, if you will, making natural gas extraordinarily supported. That being said, we also have to think about AI and electricity and things like that. So longer term, we may see a little bit of a change in the way the market works at this time of year.

Regardless, and thinking well past all of that, I look at this as a market that you’re still fading rallies in, at least for a couple of months. If we were to break above the previous uptrend line, then we could go looking to the $3.75 level and then possibly $4, which is the top of the overall range. On the downside, the $3.20 level is a potential target. After that, we could look at the $3 level. We’re essentially in the middle of the range, but it does look like we’re getting a bit tired, so I think more downward than upward pressure is present.

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