US natural gas prices have stabilized just under $3.50/MMBTU (for Henry Hub delivery NYMEX futures) - about 20% above the August lows. Production continues to be considerably higher than in 2011 but growth in production has finally slowed. Rig count in the Gulf and elsewhere is lower.
With the hot summer we've had, some of the excess in storage (from the unusually warm winter) has been burned off. The supply in storage is now close to historical norms, though still in the high end of the range.
Another warm winter like the last one however could do some damage to this industry, as it remains vulnerable to oversupply risks (particularly with dry shale gas production still going strong - chart below).