It doesn't matter that natural gas is economic to drill at $5 or $6, because they're not going to drill at that price. Why would they when they can drill for oil and make more money doing it? CEO after CEO says the same thing: natural gas will have to compete for scarce CAPEX dollars. That means that when the market finally need these companies to drill a DRY GAS well, the price of nat will go a lot higher than you guys are talking about. And if oil is rising at the same time, the price of natural gas can go into a super-spike. My personal opinion is that natural gas needs to trade back down at a 1:12 ratio to oil, since shale gas wells are about 2X as prolific as shale oil wells on a BTU equivalency basis. $90 oil = $7.50 gas. $120 oil = $10 nat gas.