Production YOY is below last year.

In addition, the production levels are showing a clear fall. While some are worried that shut-ins and voluntary cutbacks are the main reason for the decrease, I disagree. While cutbacks do have some impact, decline rates also have an impact. For contractual reasons, a company may overproduce a field for a while (production is higher than optimal geology suggests). When the contract ends, the production returns to a more 'normal' rate. If this view is correct, then the decline in production is far more important and will lead to natgas prices rising.