It is a case of back to the future. I never expected to see ever again in any January natural gas for $2.96 for a thousand cubic feet, but that is where prices are. Truly amazing.
Take a look at the future winter heating season (November to March) prices for the last 13 years, as of October 20th in each year. See http://www.eia.gov/todayinenergy/detail.cfm?id=3810. The 2011-12 winter season price was $3.86. How low is that?
As recently as the 2008-09 winter season, gas was $6.40. It was even higher for the four winter heating seasons from 2004 to 2008 when gas ranged from $7.73 to an excruciatingly high $11.92 for a thousand cubic feet.
You have to go back to the winter of 2001-02 to find prices equivalent to current winter pricing. Ten years ago the winter season future price was $3, and that is where the daily spot price this winter has often been.
Gas prices are back to the future.