Similar to the winter 14-15 and summer 15 natural gas strips, the 2015-2017 calendar strips also have potentially bullish "higher lows" which have formed between the November 2013 lows and the most recent 2014 lows set two weeks ago.
The 3.815 low for the 2015 strip set in July came within 6 ticks of the 3.805 low set last November.
The inability to push down to a new lows may be part of the reason for buying over the past 2 weeks.
A breakout by the spot September contract above the 4.050-4.080 level would likely signal a final seasonal low for 2014 has been posted.
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