It’s been glum tidings regarding natural gas prices and supply-and-demand fundamentals for some time, despite occasional bright spots. In a recent report from Guggenheim Securities LLC, however, analyst Subash Chandra points to “some surprising successes.”

The foundation in this more optimistic outlook for the commodity is demand. Chandra notes that storage withdrawals for this winter could exceed 2.3 trillion cubic feet (Tcf), “the highest levels of withdrawal since the winters of 2013 and 2014, which were considerably colder.” Demand in January could be a new record, he says, “and gas inventories could end the withdrawal season at 30% below year-ago levels.”