Did NG prices go up again? CHK up 3%. Almost to the point where I get out.
I believe NG prices are at their highs since last year at this time. A year ago, the following two months came tumbling. Currently, NG is a little overbought. Tomorrow's storage could give a little more directionality, but near-term weather and storage trends are not favorable at the moment. Most banks are calling for $4 gas next year. Shales are economice at $4-$5, so there's your likely cap.
Fundamentals are favorable, but it is way too easy to put rigs to work and get production numbers back up. E&Ps are still hedging any pops, so that should be a decent clue.