The refereed academic journal “Journal of Energy Markets” has accepted a paper on the WTM storage model by Dr. Cliff Parsons; forthcoming issue to be determined. The paper is an extension of the white-paper on the website www.WTMenergy.com and examines how well a two-factor tree approach to the storage valuation problem back-tests on publicly available Henry Hub natural gas prices. Findings show that the WTM storage model does well at forecasting the storage value, including optionality (extrinsic), that can actually be captured through daily optimal injections, withdrawals, and delta hedges.