This spread represents the price difference between the winter 14-15 strip (January 15-March 15) and the summer 15 (April 15-October 15) contracts.
The spread was trading as low as .157 (winter strip above summer strip price) in late-October when the market bottomed for the year.
After topping in November, the spread has fallen by .506 or 59% to the current .351 price level.
As winter heating demand enters into the natural gas market, this spread should again widen out. A new price low under the .157 October low is not expected again this winter as the seasonal trend for the market remains sideways to higher into early-2015.
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