gas or crude prices ?

Looking for comments from those that know more about oil vs gas markets. The thought was triggered by the following artice in today's SMH.

"Crude and gasoline prices fell sharply on more evidence of a huge glut in supply, with the US economy still damaged by the worst recession since the 1930s.

Natural gas, which is seeing the same build-up in supply because of anaemic industrial production, continued to spike, however. Prices jumped nearly seven per cent on Wednesday.

The difference between crude and natural gas, as far as markets are concerned, is that crude prices have climbed for months while natural gas hit seven-year lows this month. That has attracted a lot of bargain hunters and lifted natural gas prices off those lows, but it’s still comparatively cheap."


My question is this. Which market price(oil or gas) is more relevant to NXS prospects / value ? While I understand the price of gas has been locked in for LT, and that Crux and ES are about gas (not oil), why is it that many posters on this forum often refer to a rising price of oil in their positive sentiments? I expect I am missing something basic but wouldn't it be logical to look at the gas price ?

Thanks for any clarifications from those more in the know.