Excellent points Tango.
Outside of the basis for new all time highs as a reaction to the weather, it's really difficult to compare the two periods. You touched on the many differing aspects and I would just emphasize not only the use of options in today's market, but the extent to which the options market plays a role.
Despite this, I would not be surprised if in fact in the months to come we see a KC market that defies expectations and in fact challenges and takes out historic highs. Keep in mind, prior to the adverse cold, we have had prolonged impacts of dry weather, and a market who's balance sheet was not ideal.
I anticipate a very strong market.

Good trading to all.