Crude oil has had a big part in supporting the natural-gas market.
There's a consensus in the market that winter is over and there's a lot of gas around. We may have more gas available this summer than we have storage.
The market is convinced we have enough gas. Even if you were to assume a return to normal weather, we will come out of winter with 1.5 trillion cubic feet, which is a good amount to have in the ground.
It's getting real cheap relative to other fuels.
Industrial demand numbers are week. There clearly has been some more demand destruction on the industrial side in the past 8 to 12 months.
The only saving grace to the market has been sporadic spurts of short covering. You still have lots of short interest out there and you're going to see periodic short-covering rallies.
