The chart above shows the ratio of the price of natural gas in relation to the price of crude oil. While crude oil has fallen over 20% in the past couple of months, the natural gas price has fallen over 40% and now looks cheap in comparison.

Nearly every time the ratio between the two has fallen below 0.08 over the past decade natural gas has found an intermediate-term bottom. And, being a very seasonal commodity, natural gas has found a September bottom in each of the past two years: