There's no doubt the trend in NG is up on a fundamental basis. There are limits that must be overcome WRT demand issues in the months ahead. I believe rdesroch is overstating the decline in supply. There is a decline in supply but there have also been seasonal drops in supply in May in previous years. The drop is relatively small so far. The change in trend is almost entirely due to massive gains in generational demand.

There will be more data coming and perhaps supply will fall further...who knows. Everyone should be watching for changes in generational demand and potential changes in industrial demand if we do continue to get an economic slowdown.