As one may surmise from the above scenarios, the U.S. natural gas markets provide many spreading opportunities around seasonal inflection points for natural gas use. A bond trader may recognize the natural gas curve as providing rich opportunities for speculation. The summer/fall injection season creates opportunities in the summer/fall versus winter natural gas spread relationship. The end-of-winter period creates opportunities in the March-versus-April natural gas spread. As documented in the U.S. Senate report, Amaranth was precisely involved in these sorts of opportunities on a massive scale.