Colder weather forecasts have boosted US natural gas prices to some of the best levels since the 2023 spike but there could be more to come.Natty is up 5% today but it's one of the few things directly touching the AI investment supercycle that hasn't spiked. It certainly could and demand for power isn't the only reason.1) Data centersFirst, let's break down the power demand, which is around 500 large data centers by 2030, which is the equivalent of powering nearly 20 million US homes or 50-60 GW, mostly sourced from natural gas. That could add about 3.5-4% of US natural gas demand and likely growing by 2035.2) The LNG buildout continuesThere are currently seven major LNG construction projects in North America that will add 18 Bcf/d of total export capacity and total capacity to 28.7 Bcf/d by 2029. There are upside risks to that as well with LNG Canada Phase 2 and Lake Charles possibly adding around 4 Bcf/d if approved.3) Low oil pricesOil and gas are like Siamese Twins, they need each other to survive. Dry gas is rare so most wells are some combination of oil and natural gas. When oil prices are low, the wells that are 80/20 oil aren't drilled. Oil company budgets for 2026 are looking lean so there is a marginal drag on supply. In the short run, natural gas prices are always about winter weather but there is a huge call on North American natural gas coming. A rise back to $7 gas would be an absolute windfall for natty producers and contract drillers, along with a big inflation headache for everyone else. This article was written by Adam Button at investinglive.com.