As mentioned, volatility in natural gas demand often leads to big spikes and declines in natural gas prices. For example, at the end of 2017, analysts thought a decrease in natural gas production could reduce inventories and drive up demand; other experts expected prices to remain low over the next few years. 2020 seemed to prove the latter camp correct — natural gas prices stayed at historic lows, with COVID-19 wreaking havoc on energy commodities across the board. However, 2021 set the bull market running, and 2022 only brought higher and higher prices for natural gas. "The outlook for gas markets remains clouded, not least because of Russia’s reckless and unpredictable conduct, which has shattered its reputation as a reliable supplier. But all the signs point to markets remaining very tight well into 2023," notes the International Energy Association in its Q4 2022 gas market report. Record-high gas prices have had the most impact in Europe and Asia amid lower-than-average inventory levels. However, the International Energy Association sees global gas demand growing by just 0.4 percent in 2023. Even so, that forecast comes with uncertainty, "particularly in terms of Russia’s future actions and the economic impacts of sustained high energy prices." Of course, any number of other factors could also cause the natural gas sector's outlook to change. A key part of the picture that investors will want to be aware of is US President Joe Biden's pledge to make cutting methane emissions a central part of his agenda, as evidenced by the strengthened standards he proposed in November 2022 on the nation's many oil and gas wells, including plugging methane gas leaks at oil and gas wells in the US. It's also important to keep an eye on issues related to hydraulic fracturing. The process, commonly known as fracking, is used to extract shale gas deposits from the ground. It has come under fire in recent years for its environmental impact. All of that uncertainty may be daunting, but investors interested in the potential for natural gas investments should not necessarily be discouraged — after all, while prices for the fuel can reach incredible lows, they can also climb to incredible highs, which no doubt affects companies in the sector.