Last week saw the first day of spring as well as the first injection into US storage. But with nearly 2.4 trillion cubic feet of working gas in the ground, producers had better get serious about reining in production, because increasing demand on the scale needed to right the market may not be possible. The Raymond James gas team noted earlier this month that while it's theoretically possible to displace 12.7 billion cubic feet per day in coal-fired generation if natural gas prices average 2.50/MMBtu, physical constraints could keep coal-to-gas switching at around 2.6 Bcf per day (NGW Mar.5'12).
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