With the dramatic decline from the July 2008 highs, it appears the natural gas market has fully priced in its negative
fundamentals. The technical chart action also gives us confidence that market might have already set a major low in
the month of April. Furthermore, this price decline to a 6 ½ year low could set the stage for a strong recovery in the
second half of the year, as structural changes in the industry should help to re-balance the oversupply situation quickly,
while any sign of economic improvement may portend a recovery in industrial demand.
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