I think bears will will keep ruling for the next couple of weeks as we head into shoulder season. Feb contract ending tmr, and so when they started trading for March, they will anticipate inventory levels close to last years. I predict NG spot to fall towards the $2.40-$2.80 range by end of April, the decline starts this week. 

If you are interested, throw NG spot prices alongside inventory levels on an excel sheet, and compare that correlation with weather trends during those weeks, you will come to the same conclusion. 


NG Historic Spot: http://www.eia.gov/dnav/ng/hist/rngwhhdd.htm

NG Historic Storage Levels: http://ir.eia.gov/ngs/ngshistory.xls