actually, the price of NG went up and is close to 4. If oil goes up, then the OSE in norway goes up and qec folows, but ok, it's has'nt quite resent(before thursday) and yes it could be cause of low NG price. The inventory keeps going down and I think they will use gas to make electricity to power the room coolers(forgot the word:)

This is from EIA:

Summary
Working gas in storage was 1,681 Bcf as of Friday, March 6, 2009, according to EIA estimates. This represents a net decline of 112 Bcf from the previous week. Stocks were 271 Bcf higher than last year at this time and 197 Bcf above the 5-year average of 1,484 Bcf. In the East Region, stocks were 55 Bcf below the 5-year average following net withdrawals of 90 Bcf. Stocks in the Producing Region were 168 Bcf above the 5-year average of 522 Bcf after a net withdrawal of 18 Bcf. Stocks in the West Region were 83 Bcf above the 5-year average after a net drawdown of 4 Bcf. At 1,681 Bcf, total working gas is within the 5-year historical range.

If we have to go down 1,681Bcf and with about 100Bcf a week, would be 14-16 weeks, but it's only 197Bcf above 5 years avarage=2 weeks and 271 Bcf above last year. The rigcounts have gone down at a very fast rate, so maybe they could be caught on the wrong foot (or how you say it).

A little reading while waiting for higher price:

http://www.kslaw.com/Library/publica...

http://www.energyinvestmentstrategie...

maybe a little old, but we could still be short of NG.