Where to find value? NATGAS?

We are still finding it very hard to see value in Commodities. The only idea that seem to make sense is that Natural Gas is still undervalued. We would avoid the ETF or Futures for now as the carry costs will make the trade difficult. I am more inclined to look at cheap producers; So I still like Contango Oil & Gas (MCF) and Ultra Petroleum (UPL)..