On Wednesday, natural gas futures broke the psychologically significant $2 level for the first time since January 2002.
“I think that obviously the price collapse here is reflective of just a perfect alignment of the stars in terms of the above-normal winter temperatures and the tremendous increase in production and overall storage capacity,” John Kilduff of Again Capital said.
So will the price collapse continue? Some analysts thought so, but not all.
In fact, legendary oil driller T. Boone Pickens told CNBC he thinks the slide is pretty much over.
"I have to think you're close to a bottom," the oil and gas driller and head of BP Capital Management told Street Signs before natural gas settled at $1.984. "You’ve got the rig count going down. That’s what you want to watch."
Ten to 15 rigs were closed last week, he said, and more will be closed this week.
"As the rig count goes off it’s gonna cause supply to shorten up. It’ll take a little while for it to happen," he said.