Several major Marcellus operators reported adding rigs this week. And Marcellus/Utica production is still rising even before any new drills. Sustained $3 natural gas is looking more and more like next year.
July NG Settlement price - $2.917. Just released August Settlement price - $2.672.
A lot is going to depend on temps this month and early September, as far as injection amounts.
The majority of supply is sold based on the monthly settlement price. The spot price does spike based on weather extremities but little volume relatively speaking is sold on the spot market. August is in the books, at a steep decrease to July. That only leaves September before injection season begins anew. With Marcellus operators adding rigs I just don't think we will get to $3 for a price that will be reflected on royalty statements this year.