U.S. inventories of Nat Gas are less than 1% above last year at this time, and .2% below the 5 year average - (just look at the slope of the graph) that's what happens when you have 2 weeks of record cold combined with the inventory system the U.S. now employs (woefully inadequate). This, during a period of NO DEMAND from the industrial sector due to the economy... If we had a new 2 week record cold snap we would be in deep, deep doo-doo (that's a technical term used by analysts to connote a difficult operating environment). So much for the glut...
Should make for an interesting "shoulder period".