Natural Gas is unbelievably low. By anyones standards. And there is no obvious let up in sight. Some companies really used to tout the power of the decline curves in an impending stablization of natural gas prices, but this simply has been proven wrong with time. The reality is that decline curves are going to take a little bit longer to take effect. It is feasible, I think that there could be a small pop in the Sept/October time frame. But no gains of any really substance will likely be realized in 2009.
Currently Nat Gas is trading on about a 1:26 ratio to oil. Maybe not unprecedented, but certainly not something seen in several years. The discount is unbelievable. If you wanted to go long I think that NG oriented stock might be a safer bet than ETF's. Still, it may be a while.