For what it is worth (not too much until QEC starts producing) here is one analysts short term view on NG. From a publication called Seeking Alpha,
Inceptus
Today in Commodities: Liquidity Squeeze
Well, as month end nears and volumes start to drift, expect volatile movements as seen with the reversal in equities mid-day, the rally in oil, and the fall in the dollar. We remain spectators in the stock market, comfortable viewing from the sidelines.
The move in oil was impressive as we missed a pretty nice rally. We are pricing out December $75/80 call spreads for clients currently. A trade over $73 should lead to an attempt at $75 in October. Was natural gas down? Yes, but we should close 10-15 cents off the lows. Being the talking heads are calling for $2.50, we most likely are nearing a bottom. A trade $1 higher in the futures in the next 30/45 days is not out of the question.