I'm following Ng with interest, mainly because I never seem to be able to get "my arms around" its behavior !!!
Agree with your switch over comments, oil to gas, but that is still a longer term effect. Never know when the players will start pricing that sort of thing in ....
For the shorter term, I still see "peak power generation [hot weather] being the main driver. If the economy would ever start doing better, factory utilization should bring a big chunk of demand into the equation.
I think CNG fueled fleets of city vehicles where re-fueling can be readily accomplished offers a lot of potential but I don't see much happening as yet. NYC is contracting for a bunch of new taxis but I bet they burn gas !!
We'll see how it plays out ......
A lot of gas fired power plants are going to have to come on line pretty quickly if the politicians continue to trash nuclear power (ala the Germany plan) !!!