Production peaked in January - down ~0.50 BCF/day from the peak, but has been stable at 64 BCF/day for the past 4-6 weeks. Declines are primarily Haynesville, offsetting growth in Marcellus over the same period.

Weather-normalized power loads have been monster...but the weather remains abnormal: above-normals are still demand-side bearish until late May. Furthermore, imports from Canada are offsetting incremental load-growth: