The investor who ran the country’s biggest natural gas ETF said he believes prices have hit bottom.

John Love, who managed the United States Natural Gas Fund, cites global demand and production dynamics for his bull case.

“They’re [producers] looking to the future,” the U.S. Commodity Funds CEO told CNBC’s “ETF Edge” this week. “This huge export opportunity that’s growing is really what they’ve got their eyes on.”

Producers are coming off a rough span. Natural gas prices rose 6% this week and just notched their fourth positive week in five.

“We basically had a period coming out of Covid where things were looking pretty good for natural gas, and then you have this potential supply shock,” he said. “And then, that didn’t materialize.”

Russia reduced energy flows to Europe ahead of last winter. Since then, several European countries including Germany have announced new LNG, or liquefied natural gas, projects or are expanding existing ones to reduce their dependence on natural gas exports.

Teucrium Trading CEO Sal Gilbertie said he believes natural gas has been trying to build a bottom over the past four to six weeks. According to Gilbertie, it sets the stage for a potential rally.

“You’ve got LNG plants coming back online that were off,” he said. “Natural gas actually looks pretty stable.”

Gilbertie, whose firm focuses on the U.S. agriculture market, also points to a bullish seasonal trend.

“The demand in the U.S. for peaking units for summertime heat is going to pick up,” he added.