  This paper focuses on the valuation and hedging of gas storage facilities,
using a spot-based valuation framework coupled with a financial hedging
strategy implemented with futures contracts. The first novelty consist in
proposing a model that unifies the dynamics of the futures curve and the spot
price, which accounts for the main stylized facts of the US natural gas market,
such as seasonality and presence of price spikes. The second aspect of the
paper is related to the quantification of model uncertainty related to the spot
dynamics.
