[Obadiah]

Yes, you are correct, however, not that long ago NG was stable at about $3.05 to $3.15.

[Tell It Right]

Fracking is everything to nat gas price. That controls supply. Inventing fracking and allowing it prosper raised supply and bigly reduced cost. Ban fracking (as Biden is starting to do with his limiting of new fracking leases) and nat gas goes up.

Probably the #2 factor in nat gas price is how government policy impacts demand. Forcing power companies to close the "dirtiest" coal plants and switch to nat gas power plants increases demand bigly. which increases price.