By this point in the typically tranquil Shoulder Season, natural gas investors have undoubtedly developed a serious case of whiplash as multiple bullish and bearish catalysts have led to spectacular spikes and sell-offs in the sector. After falling to a 25-year-low during a mild winter as inventories bloated, natural gas soared in April as the COVID-19 pandemic sent oil cratering into negative territory for the first time on record, spurring speculation that associated natural gas production would tumble. However, prices subsequently sold off as the data showed that COVID-induced losses in industrial and commercial demand