I don't know if people noticed with all the bad news flying around, but NG prices have been stealthily climbing. $3.17 today (up $0.05), as of now. Even with all the forward hedging being done, this is pushing up the prices for new forward hedges as old ones get retired and may result in more E&P's monetizing their current hedges.

http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html

If the storage vector remains on course the excess supply will be eaten up by the end of this year. It is also fortunate that even with the export build-out gaining some steam, NG is still primarily a domestic market so Europe's troubles won't mess with it too much directly. Oil is another question, of course, but the one big advantage we have is that most of the companies are doing both and already have great oil hedges going out a few years.

I've no idea where prices will go but if we get anywhere near $4 the E&P space is likely to see a big surge in unit price.

-Matt