ENERGY - Driven by Oil Shale Economics, Natural Gas Prices Primed for Slow and Steady Rise

Much has been written about the Marcellus shales, the largest shale gas field in the US. The rapid drilling program has been responsible for a supply glut, which drove spot prices down this year as low as $2.00 per mmBtu. Since then, prices have recovered somewhat, to the $3.75 range. Until recently, it has been hard to get a good view of the supply side dynamics. This is largely because the shale phenomenon is so new that things have taken a while to sort out and for equilibriums to become established. We are now beginning to get a clearer picture.
http://www.forbes.com/sites/peterdetwiler/2012/12/03/driven-by-oil-shale-economics-natural-gas-prices-primed-for-slow-and-steady-rise/