Hard to break through this level as producers are hedging as futures are in the $4.00 area.
Chesapeake has announced they are 100% unhedged for 2013. ECA is similar, though I don't know the exact percentage. Point is, the producers are not selling at $4.
No question they are hedging, they've been doing that for over a month. When do they expect to cover, $3.25, $3.00... $2.50?