Don't look now, but the EIA is reporting that natural gas inventories are close to the 5-year averages. After record inventory stocks over the last year, the current amounts are 21% below the levels of last year and nearing the averages. While the 1,876 Bcf in storage is still 9.5% above the 5-year average, the numbers are skewing towards the middle of the range. A few more months of reductions should just about do the trick. See the chart below:
With rigs drilling for natural gas near record lows, one has to assume the numbers will eventually overshoot before exploration companies back any moves to increase production.