Still, brimming stocks should keep any rally in check, late week cold notwithstanding.

Cold notwithstanding, we had adequate supply and no real global supply threats.

While a late-winter cold snap or cool spring could whittle down some of the storage surplus, it is probably too late to prevent stocks from ending the heating season at record-high levels.

The comments from OPEC officials are taking some of the froth off last week's rally. It looks like OPEC is set to roll over the existing production quota at the meeting this week.

If injections from April through October match last year's pace, stocks could begin the next heating season with a record 3.6 trillion cubic feet in the ground.

We anticipate a relief rally for pharmaceutical stocks.