It’s kind of a mystery. The supply of natural gas produced in the U.S. has been declining over the past few months. Oil drillers are laying down rigs (historic lows for rigs in the oil patch), and companies are shutting in oil wells–all of which means there’s less associated natural gas being produced. M-U drillers like EQT (the largest natgas producer in the U.S.) are curtailing huge quantities of their production (see EQT Shuts in 33% of NatGas Production in Pennsylvania, Ohio). And yet, with all of this gas being removed from the market, the price of natgas is still stubbornly low. Why?