Heading into winter 2018/2019, gas bulls believed low storage numbers + weather (hot or cold) = high natgas prices. It didn’t work out that way. Although it sounds mundane, how much natural gas in “working storage” (i.e. gas stored and available to draw upon during winter) does, or rather did, have a great deal to do with the price of natural gas. But a direct correlation between storage and price does not seem to exist any more.