Wow! Natural gas prices have hit $4/Mcf for the first time since, well, a few days in January, but they have been at or near $3/Mcf for most of the past five years, so the possibility of a “recovery” in prices is gladdening hearts in the producing industry (“recovery” is an industry term meaning “they were lower than I like”). The fact that inventories have been below normal for the past year without moving prices has caused much gnashing of teeth and confounded the price bulls, who are now wearing out the hashtag #toldyouso.
