The Energy Information Administration (EIA) recently published its Short-Term Energy Outlook for April.  Discussing pipeline capacity, it notes:  "Following years of strong growth, pipeline capacity additions slowed in 2012. While additions were limited, more than half were located in the Northeast, where capacity constraints often create bottlenecks and price imbalances. Of the 367 miles of new pipeline added in 2012, 245 miles were in the Northeast. The two largest projects in 2012, the Appalachian Gateway Project and the Sunrise Project, both move natural gas from production areas in the Marcellus Shale to northeastern consuming regions."  (Emphasis is ours.)  Regarding natural gas prices:  "Natural gas spot prices averaged $3.81 per MMBtu at the Henry Hub in March 2013, up nearly 48 cents from the $3.33 per MMBtu average seen the previous three months. EIA expects the Henry Hub price will increase from an average of $2.75 per million Btu in 2012 to $3.52 per MMBtu in 2013 and $3.60 per MMBtu in 2014."

As we say, read it all.  Very interesting.