Production of natural gas (NG) in December 2012 dropped 1.1%. Many energy companies shut off wells to raise NG prices. You can see below how the rig count has dropped considerably here in the U.S. as the average spot price at Henry Hub also dropped. See how many rigs were operating when NG was trading over $12.
Last week May 2013 NG opened at $3.680 MMBtu and closed the week at $3.909. The latest move up started Feb. 19 as price moved back above $3.300. We will see how quickly NG gets above $4.00.
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