RE: Nymex has NG at almost $3.80 today.... Patience will be rewarded here. We are only 1.1% above last years storage level.
The downturn in rig counts in US is clearly having an effect. Have a peek at PSN.to today to get some clarity on this. The bottom fell out of their tank rental business half way through past quarter and I'm assuming it continues to decline.
Sharp drop off in production is coming as the decline rate on most of these US well is very high and we'll most likely go from a glut to a shortage over the coming year.
Nice drawdown and the heavy market manipulators took the spot price down sharply but you can't fight a rising tide (or in this case an ebb tide of storage). Time will level out all and in the case of the stock market it always overshoots by about 20%.
GLA...