In reviewing where the natural gas industry stands going into this winter, we have a strange situation. First, as it is easy to show, both flowing supplies and storage are in extremely good shape—shale-driven abundance keeps rolling along, and thanks partly to last year's historically mild winter, storage balances are extremely high. Prices have been ramping up from the bargain-basement prices we experienced this summer, when Henry Hub even dipped below $2.00 a million Btu's, but are not yet up to the levels that most analysts believe are needed for sustained development.