North American gas markets haven't changed much over the past month; expected supply has yet to ramp up, having entered a holding pattern. We expect an average Henry Hub price of $3.25/mmbtu in June, but changes to weather and production could push prices as much as $0.40/mmbtu in either direction. Exports to Mexico and via LNG look to continue ramping up, and rebuilding storage inventories will result in a modest price increase this summer. Supply is the real question, though. Drilling has ramped up, but production is not yet growing, and the pace of ongoing drilling increases is also uncertain. The oil-field service market has tightened somewhat, so spud-to-production times are likely lengthening, and the weak forward curve may be making operators reticent to continue adding rigs. Because of these questions around the pace of drilling and production increases, we see upside to our outlook for $tk/mmbtu Henry Hub prices in 2018.