interdependencies

Yesterday ICE next-day gas at Henry Hub posted at $1.85/MMbtu, down a penny from Wednesday.  The CME/Nymex May contract settled at still another 10 year low (how many more 10 year lows could there be?) at $1.907, down 4.4 cnts. But May WTI crude oil at Cushing is still above one hundred bucks a barrel, closing at $102.27/bbl, off 40 cnts.  Our favorite measure of fundamental market disparity – the ratio of prompt crude futures to cash gas is now up to 55X (simply 102.27/1.85).