Storage isn’t as sexy as “fracking” when talking about the natural gas industry. But storage, the amount of gas stored during summer months for use during winter months, is a closely watched number. Last year storage numbers ran below the 5-year average (see EIA: Underground Natural Gas Storage Declined in 2018). If there’s less of a commodity (like natgas) available, given the same or increasing demand, prices will go up. Prices didn’t really go up all that much over the last year because, as we’ve pointed out, the ability of drillers to quickly open the spigots any time they want and let it flow is now a new kind of “storage” (see Utilities Now Depend More on Pipelines, Less on NatGas Storage).