Without a doubt, natural gas belongs in the diagonal family of patterns. Commodities that I cover all have diagonal wave structures and this has been true since the Little Ice Age ended. (Wave II in Supercycle degree) When SC degree wave II ended is debatable but the majority of scientists say 1850 is when the climate changed.
In modern times we have more NG available to us than at any time in our history. Fracking made the difference and soon “Electric Fracking”, will become popular.
Trying to work out natural gas supply and demand is a futile effort because once the demand for NG slows they just vent or burn off excess inventory.
They figure that 1/3 of all Natural gas is burned off like this. The more supply they have the higher the flaring rate becomes. Northern Canada is also home to flaring off excess inventory which most satellite systems can measure.
Since the 1984 peak NG prices switched patterns as before 1984 the massive bull market was pretty smooth but soon after that, the NG price patterns changed dramatically.
This is very normal and happens at all degree scales that I use. Gold was also a big zigzag bull market but a 20-year bear market kept us scratching our heads.
The “C” wave came to an end in 2005 and a new bearish phase has started that is still running 14 years later. The NG bear market is still not finished as a new record low should still get established in the next few years.
The slow and steady decline of solar cycle 24 is drawing NG prices down until solar cycle 25 cranks up. The sun and its cycles have a huge impact on NG prices and that is about as fundamental as we can get, yet the majority all ignore solar cycle fundamentals.