Decent short covering rally underway today after making new lows this am. One of the big drivers is the EIA 914 data released this am. Here is the report-http://www.eia.doe.gov/oil_gas/natural_gas/data_publications/eia914/eia914.html Some I suppose are perceiving it as bullish. I am not, gas is gas and month over month production is flat. The buyers are focusing on onshore production loss, but we had offsetting offshore production gains. Also, onshore losses are being attributed to freezeoffs from cold weather and some processing going offline, so that is likely volume to return, not falling production. The market is focusing on the falling rig rates and when exactly that will translate into falling production, which will happen in the coming months, but this report is being read wrong. Here is the key wording in this report- "New Mexico (down 4 percent) and Wyoming (down 2 percent) are both down due to freezing weather and gas processing plants going offline." Also, supply is supply, regardless of where it is coming from, and supply has not fallen yet, that will take time. Also, the US will have a year over year uptick in LNG receipts as the losses in Asian and UK demand will become more evident as winter wanes and cargoes wind up pointed at the market of last resort (the US). However you slice and dice it, ending storage levels for next winter are likely to be at or approaching a record breaking 4 TCF!! In case you're wondering, I have no directional position on at the moment, so this is not drivel, talking my book mad at a rally; just sharing information.