American underground natural gas reserves are reported to sit some 24% lower year-over-year and 20% lower than the five year average this August. The Wall Street Journal warns these conditions could foreshadow a winter of strained supply and ballooning prices.
The market's hubris is to blame, the author implies:
“The main reason traders are so sanguine is that the U.S. has been in a natural-gas glut for the past decade.”
The ongoing natural gas surplus might turn out to be short-lived, after all.