EIA Data
Natural gas is one of my most bullish commodity, simply because this is one of the best alternative for oil. It is cheap and clean.
In addition, from a speculative point of view, hedge funds (smart money) are not overly bullish on natural gas yet. When they start to shift more attention on this commodity, price can rise much higher.
In today's world, when we analyse commodities, we have to analyse what the real physical demand and what is the speculative demand. Commmodities have become an asset class in recent years and have attracted the interest of hedge funds. The impact of speculative demand can be much more than the impact of real physical demand to the commodity price.
One good example is corn and wheat prices are at sky high level, but not potato price. Why? Because potato is not tradable in the futures market.
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