There is a glut of natural gas. Everybody knows that. There’s so much of the latest multi stage hydraulic fracturing going on from New York State to Texas and all places in between, prices will be low forever. But just as a full watering hole can deplete quickly the current gas storage glut can recede. In fact it already has been and at an alarmingly brisk pace and there may be a confluence of other events which could hasten the process. Consider this. The weekly EIA natural gas storage numbers reported each Thursday came in with a 28 billion cubic feet (bcf) injection. The inventory increase last year at this time was 67 bcf while the five year average accretion was 74 bcf. So true that one week does not a trend make. But this makes eleven straight weeks that have experienced below average storage injections. After Thursday’s numbers were released inventories stood at 3.163 Trillion Cubic Feet or 19.2% above last year but only 17.5% above the five year average. A seemingly decent cushion until you consider as recently as May 10 stockpiles were 48.4% and 49.9% ahead of the previous year and the five year averages respectively. So the question becomes, why are rates of gas injection dropping so precipitously unless the shale plays are actually unable to produce the necessary incremental volumes.