Cal 14 is trading over Cal 15, which is trading over Cal 16. That's not the norm either, nor is negative basis in some Northeast markets. H/J has been back to some of its old tricks as some degree of uncertainty sets in.
Current curve is certainly not the norm and yes, the cal spreads are nuts. F/G and F/H got slammed. Front and red H/J have had a nice run. This move has been interesting.
Weather turned cold toward the end of the month, and we are looking at what could be a record storage withdrawal today. Bulls back in the driver's seat, but fundamentals should prevent a larger bull move from unfolding as we are losing coal demand and these prices are making dry-gas plays economic again which should cap the upside. H/J back out to 18 cents as it has doubled from the correction down from 20 cents to 9 cents from Friday to the early part of the week - volatile.
G and H vols are up 5-6% since yesterday. F and the rest of the curve vols were up only ~.5-1.0%. H/J was screaming today.
Seems that vortex will stay for one more week and maybe till delivery day for the march contract.Cold weather and low stock helped bulls a lot.