There is no doubt that fear drove the market in December and Q1 higher than perhaps the fundamentals suggested. Many players have held shorts on the premise that generators are off loading length at the last minute, this is partially true. The dichotomy for a short is that if the generators have plant failure or gas is too expensive they will off load less of the length and what they do end up off loading will be expensive. Moreover, the returns for being available in the balancing market may mean that they hold off length for then, this means the short is being squeezed and the market rises to reflect it. These squeeze plays in the prompt are being rippled down the curve, as players are aware that there is a premium for being able to buy volume. This is perhaps where the market is not working. The lack of genuine sellers and bears means that the market is staying artificially high. Coupled with this no one wants to be short in a market which has a propensity to spike.