Slight uptick in production.

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.

Production YOY is below last year.

Why allowing the Big Banks to repay Tarp was a mistake.

The Obama Administration has destroyed the main reason for TARP. The reason for the program was not to give support to failing banks, but to increase lending. The chart below show the increase in C&I lending at the major banks since the start of the crisis. But notice the impact of being allowed to repay the TARP! The SHARP decrease in C&I loans! This is a real predictable result: You decrease capital and political pressure on banks to make loans and low and behold you get a DECREASE in C&I loans. The Obama Administration will face lower economic growth because of their changes in the TARP program.